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Banking Lobby’s Proposal to Revamp FinCEN Getting Cool Reception
By Matt Squire
printA proposal by the nation's largest bank lobbyist to overhaul the role of the U.S. Treasury Department's Financial Crimes Enforcement Network is getting a cool reception from government officials. The American Bankers Association on Thursday proposed widespread reforms of how the Bank Secrecy Act (BSA) is enforced, including the creation of a new governmental position, called the "gatekeeper," that would be responsible for issuing BSA regulations and the oversight of financial data, roles currently held by the Treasury bureau. The plan is "counterintuitive," said James Freis, the director of the Financial Crimes Enforcement Network (FinCEN), at the association's annual anti-money...
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