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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.
President Obama is expected to sign into law a measure that would allow the U.S. Treasury Department to rely on state examinations of nonbank financial institutions, including money services businesses.
The U.S. Treasury Department said Friday that, in response to law enforcement concerns, armored car services and other couriers transporting cash between Tijuana, Mexico and San Diego, California must comply with enhanced border declaration requirements.
In a long anticipated move, the U.S. Treasury Department Wednesday proposed to require a broad range of financial institutions to identify the beneficial owners of their corporate accounts.
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.
The nation's financial intelligence unit will weigh whether additional guidance is needed on how banks should treat clients tangentially or directly associated with state-sanctioned marijuana dispensaries, according to sources.
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.
When FinCEN restructured its reporting hierarchy, 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, says former Assistant Director for the Office of Compliance Tom Fleming.
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.
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 hiring three top-ranking officials as part of a restructuring announced in June.
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.
