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Article: Treasury crime fighters vow to ease banks' burden. (Treasury Department's Financial Crimes Enforcement Network)
- Article from:
- American Banker
- Article date:
- February 23, 1995
- Author:
CopyrightCOPYRIGHT 1995 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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WASHINGTON - The Financial Crimes Enforcement Network, defending its budget request before Congress last week, promised to reduce regulatory burden on banks.
Fincen, the arm of the Treasury designated to fight money laundering, promoted its good relationship with the banking industry in its plea for an 8.2% budget increase next year.
The 163-person agency has so far helped banks by redesigning burdensome forms and getting rid of some reporting mandates.
In return, the agency wants banks to help the government catch criminals.
"Know your customer" rules, which will require banks to develop programs to identify customers and their practices, are ...