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U.S. Lawmakers Call for Study of FinCEN’s Operations, Reporting Rules
By Matt Squire
printLeaders of the U.S. House Financial Services Committee have requested a study of the effectiveness of anti-money laundering and anti-terrorist financing reporting requirements and the Financial Crimes Enforcement Network's (FinCEN) efficiency in administering them. Responding to concerns raised by bankers, Representatives Barney Frank, Spencer Bachus and Stephen Lynch sent a letter today asking the U.S. Government Accountability Office (GAO) to review FinCEN's mission. FinCEN is the division of the Treasury Department that administers Bank Secrecy Act-related reporting requirements. During a congressional hearing in May, bankers testified that suspicious activity reporting rules and other AML requirements are unclear. The financial professionals,...
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