News

The U.S. financial intelligence unit should be more consistent in apprising financial institutions of how often their regulatory filings contribute to opening or advancing federal investigations and prosecutions, a government watchdog said. The Treasury Department's Financial Crimes Enforcement Network, or FinCEN, should separately bolster the participation in existing information-exchange mechanisms of firms trading in derivative financial products, such as futures, and their supervisors, the Government Accountability Office, or GAO, said Thursday. In a 94-page report, the agency criticized FinCEN for sharing metrics on the "usefulness" of Bank Secrecy Act filings, like currency transaction reports, or CTRs, and suspicious activity reports,...