WASHINGTON–Financial Crimes Enforcement Network Director James Freis told a room full of bankers and lawyers that Treasury is looking at ways to enhance the risk-based approach to Bank Secrecy Act examination.

During the American Bankers Association/American Bar Association Money Laundering Enforcement Conference, Freis explained, "FinCEN and the regulatory community recognize that not all financial institutions are subject to the same risk. This is certainly not a new revelation…But it is important that we ask ourselves: How well are we doing in identifying risks through the examination process and focusing both government and industry resources on those areas where the risk is greatest?"

The agency has worked with other agencies to gauge their views on "risk scoping" and how the federal banking agencies identify risk. FinCEN is also looking to global partners for guidance in the fight against money laundering, terrorist financing, and other illicit activities. Freis announced he would be meeting with the federal banking agencies next month to further discuss the initiative.