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Article: Financial crime-fighter sees banks as allies. (Treasury Department Financial Crimes Enforcement Network Director Stanley E. Morris)
- Article from:
- American Banker
- Article date:
- June 23, 1994
- Author:
CopyrightCOPYRIGHT 1994 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Bankers, get ready: The government is about to enlist you in the fight against money laundering.
Stanley E. Morris, appointed May 16 as director of Fincen, the Treasury Department's Financial Crimes Enforcement Network, is the newest leader in the war. His goal is to form a partnership between the Treasury and the banking industry.
In return for their help, banks can expect somewhat lighter paperwork.
"In this partnership we don't want the banking industry to be.. filling out forms" just by rote, he said in a recent interview. "We do want them to do what they do well, which is assess their customers, understand what kinds of activities are clearly appropriate, ...