Watchdog Report on BSA Direct Blames FinCEN Management for Project’s Failure

By Colby Adams and Brian Monroe

Poor project management and the inability of managers to take either criticism or corrective action were among the factors that doomed the U.S. Treasury Department's $17.4 million Bank Secrecy Act data initiative, according to a federal watchdog agency. In a 57-page report, the Treasury's Office of the Inspector General (OIG) also faults the Financial Crimes Enforcement Network (FinCEN) for failing to work in tandem with the modernization efforts of other agencies and not securing adequate funding before commencing the project, which was designed to streamline law enforcement's access to Bank Secrecy Act data. FinCEN pulled the plug on the 2004...