Representatives from the financial industry have asked the U.S. Treasury Department to streamline a Patriot Act program that allows banks to share their suspicions with each other about client activity.
Upgrades to the U.S. Treasury Department's Bank Secrecy Act database will allow the nation's financial intelligence unit to better identify criminal activity indicated in regulatory reports, a governmental auditor said.
The U.S. Treasury Department cleared the way Tuesday for financial institutions to share regulatory information with an Arizona-based company that plans to pool anti-money laundering data from hundreds of banks.
A recently adopted legislative amendment that would authorize punitive measures against foreign banks and countries that facilitate U.S. tax evasion faces significant opposition in the House of Representatives, say congressional sources and advocacy groups.
Looking back on a decade of efforts to block terrorist financing, former U.S. officials and investigators remember days that were hectic and exhilarating.
An effort by the country's financial intelligence unit to take ownership of Bank Secrecy Act data managed by the IRS appears to be on track, according to industry observers and the U.S. Treasury Department.
Dozens of U.S. banks have begun sharing suspicious transaction data without the use of formal bank-to-bank requests in an effort to better detect potential fraud and money laundering, say compliance officers.
The U.S. Treasury Department's financial intelligence unit will unveil details in January of its Bank Secrecy Act database overhaul scheduled for completion in 2014.
Banks will receive fewer law enforcement data requests during the early stages of financial crime investigations as the result of new rules on cross-border transaction reporting, according to the head of the U.S. Treasury Department's financial intelligence unit.
Lawmakers proposed a measure Wednesday that would potentially prohibit banks from processing credit card transactions for merchants and maintaining correspondent accounts for financial institutions deemed vulnerable to money laundering and tax evasion.
The U.S. Treasury Department doesn't expect financial institutions to treat the 28 countries blacklisted by an intergovernmental group last month for weak anti-money laundering controls as non-cooperating nations under U.S. Patriot Act rules.
The U.S. Treasury Department issued rules Friday broadening the types of law enforcement data requests banks can receive to include queries from foreign officials and investigations tied to additional crimes.
With a newly elected president and Congress, many have argued that it's time to reassess the post-September 11, 2001 counter terrorism financing regime. Uniquely qualified to lead that discussion at the 14th Annual International Money Laundering Conference are Dennis Lormel and Michael German.
The U.S. Treasury Department must improve the way it designates financial institutions and jurisdictions it believes to be at higher risk for money laundering, according to a government watchdog report released Thursday.