The U.S. Financial Crimes Enforcement Network will seek to share Bank Secrecy Act data more widely and cooperate more with foreign law enforcement officials pursuing money laundering and terrorist financing investigations as part of its five-year strategic plan, issued Thursday. The plan outlines three broad FinCEN goals for fiscal years 2008 to 2012: Guarding the financial system from money laundering, terrorist financing and other financial crime; detecting and deterring financial crime; and improving the management of BSA data. FinCEN, the Treasury Department bureau responsible for administering the BSA and managing BSA reporting data, said that it will create guidelines for...
Financial regulatory examiners will be checking that banks are not overly relying on their existing monitoring systems to comply with new federal rules meant to curb identity theft, say consultants.
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