FinCEN Targets Smaller Institutions in 2006, Focuses on Familiar Money Laundering Issues Jan. 8 – The U.S. Treasury Department's Financial Crimes Enforcement Network targeted smaller banks with penalties in 2006 as it focused on Bank Secrecy Act violations related to correspondent accounts and money services businesses, issues raised in 2005. The median asset size of institutions penalized by the agency declined to about $277 million from $15.8 billion in 2005, according to an analysis of FinCEN enforcement action data. The shift suggests FinCEN is pushing smaller institutions to devote more resources to building and maintaining effective BSA compliance programs. The...
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