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)...
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.
A $120 million upgrade to the U.S. Treasury Department's database of Bank Secrecy Act reports is roughly 50 percent complete, after the bureau overseeing the project finished work on its new search engine.
Poor project management and the inability of managers to take either criticism or corrective action were among the factors that doomed the U.S. Treasury Department's $17.4 million Bank Secrecy Act data initiative, according to a federal watchdog agency.
After spending two years and more than $14 million developing the information retrieval system expected to be the crown jewel of the FinCEN's much-hyped BSA Direct program, the agency on announced that the project would be cancelled.
In one of his first public acts since taking over as director of the Financial Crimes Enforcement Network (FinCEN), Robert W. Werner ordered FinCEN personnel and outside contractors to temporarily stop working on the agencys highly-touted BSA Direct sys