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BSA Database Overhaul Behind on Nearly 25 Percent of Projects: OIG Report

By Colby Adams

A $120 million U.S. Treasury Department initiative to update the database that stores and disseminates Bank Secrecy Act reports is behind schedule on nearly a quarter of the projects required for completion, a federal watchdog agency said Wednesday. As of May 2011, six of the 25 projects associated with the program exceeded deadlines by 10 percent, including a 36 percent delay to the BSA Query project, a tool designed to improve access and analysis of Bank Secrecy Act (BSA) data, the department's Office of the Inspector General (OIG) said in a 37-page report. The department's Financial Crimes Enforcement Network (FinCEN)...

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