News
For FinCEN, One Former Official Sees a Shift from Compliance to Enforcement
printWhen the U.S. Financial Crimes Enforcement Network restructured its reporting hierarchy in June, the bureau signaled a subtle but important shift for banks: some of the energy it had once spent toward improving compliance would now serve to penalize regulatory violators. That observation, by the bureau's former Assistant Director for the Office of Compliance Tom Fleming, is in line with broader changes at the financial intelligence unit, known as FinCEN. Under the directorship of former U.S. Justice Department investigator Jennifer Shasky Calvery, FinCEN has expanded its team of in-house prosecutorial experts and disclosed plans to more actively enforce anti-money laundering...
TO READ THE FULL STORY
Related News
The U.S. Treasury Department has failed to answer congressional inquiries concerning allegedly questionable hiring practices by the nation's financial intelligence unit, a Republican lawmaker said Tuesday.
Dozens of officials in the U.S. financial intelligence unit may be resigning this month as part of the bureau's plan to remodel itself.
House lawmakers are asking the nation's financial intelligence unit to reform how it screens job applicants following reports that the bureau's recent hiring campaign may have violated federal standards.
Efforts to ramp up the U.S. financial intelligence unit's enforcement of the Bank Secrecy Act have run into a longstanding hurdle: the bureau's reliance on financial regulators for case leads.
The U.S. Treasury Department will soon tweak a regulatory proposal that would require financial institutions to report wire transfers to and from the United States, an official said Monday.
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.
At the same time that the nation's financial intelligence unit is readying unprecedented fines against compliance officers, the agency is facing stark questions about its enforcement efforts, including its hiring practices.
Looking at two guidance pieces from the Financial Crimes Enforcement Network (FinCEN) you get a quick lesson in how difficult it can be to regulate issues that society -let alone state and federal government- hasn't reached a consensus on.
Leaders of the U.S. Senate Caucus on International Narcotics Control sharply criticized the head of the nation's financial intelligence unit for issuing guidance on how banks can treat marijuana dispensaries.
As federal and state officials continue down the road toward relaxing cannabis restrictions, banks have questions beyond simply whether they can accept marijuana dispensaries as clients. They wonder whether less direct financial ties to the businesses could be cause for concern too.
Banks can choose whether to keep accounts for certain marijuana dispensaries and report limited information to federal officials when the businesses are unlikely targets of prosecutors, the U.S. Treasury Department said Friday.
The U.S. Treasury Department is readying a program to share intelligence from law enforcement agencies with the banks charged with identifying suspicious transactions, an official said Thursday.
The U.S. Treasury Department's financial intelligence unit is considering invoking for the first time a Bank Secrecy Act power to obtain data on foreign banks, say multiple sources.
The U.S. Treasury Department's financial intelligence unit is hiring three top-ranking officials as part of a restructuring announced in June.
The Financial Crimes Enforcement Network (FinCEN) issued an administrative ruling Friday clarifying when financial institutions must file currency transaction reports for transactions with armored car companies.
The nation's primary financial intelligence unit has been structurally reorganized to better integrate how the bureau analyzes and shares data on money laundering and other crimes, its director said Monday.
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.
Representatives from the financial industry have asked the U.S. Treasury Department to streamline a Patriot Act program that allows banks to share their suspicions with each other about client activity.
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.
Upgrades to the U.S. Treasury Department's Bank Secrecy Act database will allow the nation's financial intelligence unit to better identify criminal activity indicated in regulatory reports, a governmental auditor said.