FinCEN to Soon Use ‘Predictive’ Analysis to Uncover Financial Crime, Says Director

By Brian Orsak and Colby Adams

The U.S. Treasury Department is nearing completion of a plan to use predictive analytics software to analyze regulatory data and identify possible financial crimes, an official said Tuesday. In tandem with its ongoing overhaul of the department's Bank Secrecy Act (BSA) database, the Financial Crimes Enforcement Network (FinCEN) is drafting business rules on how to use regulatory reports and other data to alert officials to potential instances of money laundering, said the bureau's Director Jennifer Shasky Calvery. "Very soon, we will be able to point law enforcement and other stakeholders to precisely where they should be looking," said Shasky Calvery,...