In remarks at the 2015 Bank Secrecy Act Conference in Las Vegas, Nevada on June 18, the Financial Crimes Enforcement Network’s (FinCEN) associate director of enforcement, Stephanie Brooker, focused on three main points: the importance of Bank Secrecy Act (BSA) and Suspicious Activity Report (SAR) filings; FinCEN’s enforcement approach; and promoting a strong culture of compliance in the financial industry.
In a comment letter filed this week, ABA and the Clearing House expressed their support to the Financial Crimes Enforcement Network’s goal on protecting the U.S. financial system from money laundering, terrorist financing and financial crimes, but offered suggestions on FinCEN’s proposal to impose special measures against Banca Privada d’Andorra.
Responding to industry concerns that their Bank Secrecy Act reporting goes unread or unused, the Financial Crimes Enforcement Network yesterday spotlighted six law enforcement cases in which prosecutors made effective use of BSA data to win. The inaugural Law Enforcement Awards were conceived as a way to show financial institutions that their reports are not “going
Recent actions by the Financial Crimes Enforcement Network indicate that regulatory pressure on virtual currency companies is heating up.
The reports banks file under the Bank Secrecy Act are critical to cutting off the flow of funds to terrorists, Financial Crimes Enforcement Network Director Jennifer Shasky Calvery said yesterday — including giving U.S. and foreign law enforcement and national security officials tools to disrupt the Islamic State terrorist group.
The White House said yesterday that President Obama would nominate Adam Szubin to be Treasury under secretary for terrorism and financial intelligence.