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 U.S. financial intelligence unit is launching a review of data it collects from financial institutions pursuant to the Bank Secrecy Act, a senior Treasury Department official said in a congressional hearing Thursday.
A U.S. agency's finding that federal guidance issued in 2011 should have been crafted as a rule echoes compliance officers' longstanding concerns that regulatory expectations too often evolve into unofficial requirements, sources told ACAMS moneylaundering.com.
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