News
Obama Budget Proposes More Funding for FinCEN, Banking Supervision
By Brian Monroe
printThe Obama administration Thursday proposed funding increases for federal bank supervision and the U.S. Treasury Department agency that oversees the implementation of the Bank Secrecy Act. In its 2010 budget request, which builds on a preliminary proposal released in February, the administration recommended increasing the department's Financial Crimes Enforcement Network's (FinCEN) funding by 12 percent, to $102.8 million. Nearly all of the increase should be slated for FinCEN's Bank Secrecy Act (BSA) administration, according to the White House. The increase, if granted by Congress, would mean a 12.8 percent jump, to $94 million, in funds that the bureau has dedicated...
TO READ THE FULL STORY
Related News
The Bank of England reportedly exerts "strong pressure" on Russia's second largest bank, an arrested Zetas leader's sons tweet incriminating photographs, and more, in this week's news roundup.
Last year, I told you not to believe any of that "best of years, worst of years" stuff à la Charles Dickens with regard to 2012. But if 2013 was less eventful than the prior year, every indication is that 2014 will be "challenging" for financial institutions and regulators.
Federal officials will weigh whether financial institutions can bank medical marijuana shops, New York's financial regulators asks two financial consultancies for data and more, in this week's news roundup.
Germany's BaFin is reportedly investigating potential AML violations by Deutsche Bank, a U.K. court could order the British government to pay millions to compensate a blacklisted Iranian bank, and more, in this midweek roundup.
U.S. lawmakers threaten to impose sanctions on Russia for harboring Edward Snowden, Switzerland transfers $962 million for backdated taxes, and more, in this week's news roundup.
As the compliance expectations of European regulators grow, banks should proactively move to adopt future changes outlined in proposals for the EU's Fourth Money Laundering Directive, according to the former global head of compliance at ABN Amro.
Some jurisdictions will likely struggle to comply with a call by the world's top anti-money laundering watchdog to assess their own vulnerabilities to financial crime, say industry experts.
A group of investigative journalists reveal the identities of thousands of suspected tax evaders, U.S. prosecutors increasingly turn to a civil fraud statute to prosecute money launderers, and more, in this week's news roundup.
The Reserve Bank of India confirmed that it is investigating three banks for potential money laundering violations, a forthcoming industry survey points to rising compliance salaries, and more, in this midweek news roundup.
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.
The director of the U.S. financial intelligence unit and prominent Bank Secrecy Act officers have formed a group to discuss whether efforts to combat money laundering at times miss their mark.
The U.S. Treasury Department has launched a taskforce to evaluate the effectiveness of America's anti-money laundering regulations - the first ever such review of the 1970 Bank Secrecy Act and related laws.
A former director of the nation's financial intelligence unit will join the Washington, D.C. office of Cleary Gottlieb Steen & Hamilton LLP as of counsel, the law firm said Monday.
U.S. officials are weighing whether to expand the use of specialized financial analysis units beyond America's theaters of war as part of an effort to fight transnational crime groups, governmental sources say.
The nation's financial intelligence unit will relocate dozens of employees from its current Virginia headquarters to Washington, D.C. as part of an effort to better integrate with other U.S. Treasury Department offices.
As many federal agencies have watched their budgets and staffs shrink or remain static in recent years, the U.S. Treasury Department office charged with researching economic sanctions has seen something rare: growth.
The U.S. Treasury Department's budget would see a four percent increase over last year's funding under a White House proposal scheduled to take effect in October.
A sweeping package of financial reform proposals unveiled Wednesday by President Obama would heighten oversight of banks, broker-dealers and non-bank financial companies, including potentially placing anti-money laundering requirements on hedge funds and private equity.
The proposed $91.3 million budget, a fraction of the total Treasury Department budget released Monday, includes $82.2 million for BSA administration and analysis and $9.2 million for regulatory support programs, including coordinating with the Internal Revenue Services to ensure BSA compliance.
President Bush's proposed budget increase for the U.S. Treasury's Financial Crimes Enforcement Network is meant in part to help fund its Bank Secrecy Act E-Filing and Cross-Border Wire Transfer initiatives.