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Article: Inspector General Report Puts Heat on FinCEN: Treasury agency found lacking in database capabilities and controls.(Financial Crimes Enforcement Network)(Bank Secrecy Act of 1970)
- Article from:
- Securities Industry News
- Article date:
- June 19, 2006
- Author:
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At the end of a report by the Treasury Department's Office of the Inspector General (OIG) on efforts by the Financial Crimes Enforcement Network (FinCEN) to manage anti-money-laundering (AML) data under its Bank Secrecy Act (BSA) mandate, FinCEN is said to be supportive of the report's recommendations. Resolving the problems the report identifies, however, is certain to tax the resources of this embattled agency.
The report, released May 18 and based on an audit conducted from September 2004 to November 2005, focused on one of the key objectives of FinCEN's 2006-2008 strategic plan: to shift from being reactive to proactive in investigations involving complex ...