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...
Upgrades to the U.S. Treasury Department's Bank Secrecy Act database will allow the nation's financial intelligence unit to better identify criminal activity indicated in regulatory reports, a governmental auditor said.
A $120 million upgrade to the U.S. Treasury Department's database of Bank Secrecy Act reports is roughly 50 percent complete, after the bureau overseeing the project finished work on its new search engine.
A $120 million U.S. Treasury Department initiative to update the database that stores and disseminates Bank Secrecy Act reports is behind schedule on nearly a quarter of the projects required for completion, a federal watchdog agency said.
An effort by the country's financial intelligence unit to take ownership of Bank Secrecy Act data managed by the IRS appears to be on track, according to industry observers and the U.S. Treasury Department.
After spending two years and more than $14 million developing the information retrieval system expected to be the crown jewel of the FinCEN's much-hyped BSA Direct program, the agency on announced that the project would be cancelled.
In one of his first public acts since taking over as director of the Financial Crimes Enforcement Network (FinCEN), Robert W. Werner ordered FinCEN personnel and outside contractors to temporarily stop working on the agencys highly-touted BSA Direct sys