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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...
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