Feb. 20, 2013 – FinCEN Director Jennifer Shasky Calvery will be the co-chair of a new Bank Secrecy Act Advisory Group subcommittee that she says will be aimed ultimately at building a “smarter, more effective, and more cost efficient regulatory framework.”
Shasky Calvery discussed the new group during remarks at an anti-money laundering conference in Miami on Feb. 13.
Noting that financial institutions spend “a great deal of time and money” on FinCEN compliance programs, Shasky Calvery said regulators, law enforcement and industry need to examine the “delta” risk – the difference between compliance risk and illicit financing risk. To that end, Shasky Calvery said the aim of the subcommittee, or “Delta Team,” will be to “reduce the variance between the two.”
Shasky Calvery said that the team will consist of regulators, law enforcement and industry participants. FinCEN is inviting other BSAAG members to participate, she said.
She also noted that:
- as FinCEN develops BSA rules, it will be consider the needs of all key stakeholders, including law enforcement, regulators, foreign financial intelligence units, industry and the public;
- financial institutions have until April 1 to begin using FinCEN’s updated currency transaction reports and suspicious activity reports;
- FinCEN uses its strategic trend and method analysis of all BSA data, especially CTRs and currency and monetary instrument reports, to identify perpetrators, provide leads and better inform private sector partners about money laundering trends and indicators; and
- FinCEN will be working toward facilitating the international exchange of information “to disrupt threats to the U.S. financial system.”
A NAFCU webcast, “BSA Compliance Update. Citations, Investigations and Criminal Activity” provides credit unions with an inside look at how BSA laws and related financial investigations can impact credit union operations. The webcast is Tuesday, March 19 at 2 pm Eastern. Register today.