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Cross-Border Rules, Database Revamp Will Mean Fewer Law Enforcement Data Requests for Banks: FinCEN Director
printBanks 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. The changes will result from the revamping of the bureau's database, prompted in part by the need to better organize and share information collected under new reporting requirements. The Financial Crimes Enforcement Network (FinCEN) issued proposed rules in September that would require banks to effectively report data on all cross-border transactions, no matter how small. James Freis, the director of FinCEN, spoke...
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