August 29, 2019

FinCEN launches new division to combat 'illicit' finance threats

FinCEN announced its Global Investigations DivisionFinCEN Wednesday announced its Global Investigations Division (GID), designed to implement targeted investigation strategies related to the Bank Secrecy Act (BSA). Matthew Stiglitz, a former Principal Deputy Chief in the Department of Justice's Criminal Division, is slated to lead the new division.

FinCEN indicated that the division will employ the agency's authorities to "detect" and "deter" threats to the U.S. national security and financial systems.

"GID will leverage FinCEN’s BSA authorities, including Section 311 of the USA PATRIOT Act, to investigate and target terrorist finance and money laundering threats, and GID will work more closely with foreign counterparts to coordinate actions against such threats when appropriate," said FinCEN in a release. "The foundation of GID is FinCEN’s former Office of Special Measures (OSM), which was previously a part of FinCEN’s Enforcement Division."

Earlier this month, law enforcement leaders and agents from the FBI discussed firsthand how sophisticated criminals get away with money laundering schemes and typical investigation methods, during NAFCU's Bank Secrecy Act (BSA) Seminar.

NAFCU's latest BSA Blast highlights recent FinCEN actions and the association's newly launched Compliance, Risk & BSA Network, features a resource library of templates, reports, and training for compliance professionals.