Reaching out to credit unions and other community financial institutions is among 2011's goals, according to the Financial Crimes Enforcement Network's just-released 2010 annual report.
The Treasury Department unit is in charge of administering the Bank Secrecy Act and financial intelligence gathering activities, including anti-money laundering. Its jurisdiction comprises more than 100,000 banks, credit unions, money services businesses, securities brokers, casinos, mutual funds, precious metal dealers and others.
FinCEN has about 325 employees and uses the services of the IRS and other federal and state regulators to help with examinations. The bureau also is continuing its direct outreach, meeting with financial institution executives to help them "increase understanding of the challenges that industry faces in meeting BSA requirements and fighting financial crime."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
