A decision by the U.S. Treasury to reshape the nation's financial intelligence unit has spurred serious concerns about the direction of the agency.
The U.S. Treasury Department's financial intelligence unit is hiring three top-ranking officials as part of a restructuring announced in June.
U.S. law enforcement officials and regulators have queried the nation's financial intelligence unit about securities settlements that use the world's top financial messaging platform, according to the agency's director.
Mandatory budget cuts scheduled to take effect in eight days would hinder the U.S. Treasury Department's efforts to crack down on money laundering and terrorist financing, say top federal officials.
Planned budget cuts that would limit cooperation between regional investigators and the U.S. Treasury Department's financial intelligence unit would be nixed under the latest congressional appropriations bill.
Venezuela announces plans to create a public bond market, 14 individuals charged with providing material support to a terrorist organization, in this week's roundup.
A proposal by the nation's largest bank lobbyist to overhaul the role of the U.S. Treasury Department's Financial Crimes Enforcement Network is getting a cool reception from government officials.
The country's largest banking association proposed a sweeping overhaul of U.S. anti-money laundering enforcement that would create a governmental entity responsible for overseeing Bank Secrecy Act compliance.
Companies that only transfer funds to buy or sell currencies and commodities are not money transmitters subjected to the Bank Secrecy Act, the U.S. Treasury Department said on Wednesday.
The "Blueprint for Financial Regulatory Reform," unveiled by Paulson on Monday, would expand the oversight power of the Federal Reserve, consolidate the Securities and Exchange Commission and the Commodity Futures Trading Commission and eliminate the Office of Thrift Supervision.
The aim of the restructuring proposal is to focus the Treasury's agencies primarily on financial soundness, consumer and investor regulation and overall market stability, Treasury Department Under Secretary Robert Steel said Thursday at the New York Society of Securities Analysts.
The proposed $91.3 million budget, a fraction of the total Treasury Department budget released Monday, includes $82.2 million for BSA administration and analysis and $9.2 million for regulatory support programs, including coordinating with the Internal Revenue Services to ensure BSA compliance.
The U.S. Treasury's Financial Crimes Enforcement Network has named former Citigroup executive Peter Goodyear as the head of its Bank Secrecy Act data analysis unit.
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.
The system, expected to be in operation next month, will help banks streamline the process of providing examiners with proof of compliance with law enforcement requests, FinCEN Director James Freis said.
Individuals can use the new tool to search more than 220 file types, including forms and regulations, on FinCEN's Web sites.
The agency is seeking feedback from financial institutions on the usefulness of SAR Activity Review-Trends, Tips & Issues and SAR Activity Review- By the Numbers, both published twice a year.
Leaders of the U.S. House Financial Services Committee have requested a study of the effectiveness of anti-money laundering and anti-terrorist financing reporting requirements and the Financial Crimes Enforcement Network's efficiency in administering them.
Treasury Secretary Henry Paulson, speaking Friday at the Financial Crimes Enforcement Networks headquarters, announced initiatives that include a more risk-based examination process and a narrower definition of the money services businesses industry.
The House Financial Services committee plans to hold a hearing in July to consider a bill that would authorize FinCENs proposed $85.8 million budget for fiscal 2008. The bill would also authorize FinCEN funding for fiscal 2009 through 2012.