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Trades Studying FinCEN Finding that Cross-Border Wire Reporting is Feasible, Valuable

Eyebrows were raised at financial services trade associations after the Financial Crimes Enforcement Network submitted a report to the Treasury Department stating that reporting cross-border wire transfers by financial institutions is "technically feasible" and worthwhile.

By Sarah Snell Cooke | Updated on January 30, 2007

WASHINGTON — Eyebrows were raised at financial services trade associations after the Financial Crimes Enforcement Network submitted a report to the Treasury Department stating that reporting cross-border wire transfers by financial institutions is “technically feasible” and worthwhile.

The report outlines how to resolve the remaining technical and policy issues regarding regulatory implementation according to FinCEN. The information potential “may be valuable to the government’s efforts to combat money laundering and terrorist financing,” according to FinCEN.

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