FinCEN Completes Write Off of Failed Data System with $7.1 Million Charge

By By Matt Squire

The U.S. Treasury's Financial Crimes Enforcement Network closed the books on its failed BSA Direct information-sharing project last year by recording a $7.1 million write off, an agency spokesman said. The write off-for equipment, software and labor related to BSA Direct-accounted for more than half of a 24 percent drop in FinCEN's total assets in the year ended September 30, 2007, according to a government audit report released Thursday. The BSA Direct Data Retrieval and Sharing project-intended to centrally store Bank Secrecy Act-related data for use by various regulators and law enforcement agencies-was cancelled in July 2006, by then-FinCEN director...