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FinCEN, Bank Secrecy Act and planned developments.

FCRO Subsection: 
Contributor

Kenneth A. Blanco, Director, FinCEN (The Financial Crimes Enforcement Network, the USA's FIU and a division of the Department of the Treasury) sets out how Bank Secrecy Act data, including "convertible virtual currencies."


Conclusion

I would like to conclude today by briefly discussing an organisational realignment at FinCEN we announced last month that will help us improve how we work with all of you. FinCEN’s Liaison Division has been realigned as the Strategic Operations Division (Strategic Ops) and is responsible for designing and implementing FinCEN’s strategic partnerships across industry, with state, local, and U.S. Government colleagues as well as with foreign jurisdiction counterparts.

Through these partnerships, Strategic Ops will help direct our operational information sharing and engagement across domestic and international stakeholders as well as inform the implementation of our priorities.

The Division continues to hold a significant role in fulfilling FinCEN’s mission by pro-actively coordinating stakeholder priorities, enhancing existing programs and safeguarding access to FinCEN’s information, tools, and resources. It is being led by AnnaLou Tirol, who most recently oversaw the Public Integrity Section at the U.S. Department of Justice.

Last, as announced several months ago, FinCEN’s new Global Investigations Division (GID) has been up and running for several months now. It is allowing us to more effectively and strategically use our financial authorities to counteract those involved in criminal acts, including the financing of terrorism, weapons proliferation, human rights abuses, human trafficking, fraud, theft, transnational organised crime, corruption and other malignant or illicit activities.

The ability of a standalone division to focus specifically on identifying and targeting illicit finance around the world—combining targeted analysis with FinCEN’s powerful authorities—will create efficiencies. These efficiencies will result in more uses of FinCEN’s authorities to conduct special collections, issue Geographic Targeting Orders, as appropriate, and Section 311 actions.

[1] See https://www.fincen.gov/news/ne...

[2] See https://www.fincen.gov/news/ne...

[3] See https://www.fincen.gov/news/ne...

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Edited from a speech to the American Bankers Association/American Bar Association Financial Crimes Enforcement Conference, 10 December 2019.

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