Money Laundering, Terrorism and Financial Institutions - USA Patriot Act Monitor

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4/30/2004 USA PATRIOT Act Monitor News Release: FinCEN Director Describes Coming Releases, Development

In testimony before the Senate Banking Committee on Thursday, April 29, William J. Fox, the Director of FinCEN, stated that final AML regulations will soon be released for the insurance industry and for dealers in precious stones, metals, and jewels. Describing current limitations on FinCEN's effectiveness, the Director said that FinCEN's databases, are accessed through an outmoded data retrieval system. The BSA Direct system that is now being implemented will, among other things, network those persons who are querying the data to prevent overlapping investigations. In the meantime, the Director explained, FinCEN will soon make a request to the IRS Detroit Computing Center that it provide periodic exception reports on financial institutions whose Bank Secrecy Act form filing volume varies beyond prescribed parameters. This interim step preceding the full implementation of BSA Direct will provide an alert in the event of a catastrophic failure to file forms as happened with the Mirage Casino in Las Vegas, which failed to file CTRs over a period of 18 months. Other changes to FinCEN discussed by the Director will be included in the next Monitor.


The USA PATRIOT Act Monitor and the news releases prepared by the Monitor staff are services of the Civic Research Institute, publisher of Money Laundering, Terrorism, and Financial Institutions, by Raymond Banoun and John Ensminger. Contact and subscription information may be obtained at http://www.civicresearchinstitute.com/moneylaundering or by calling the Civic Research Institute at 609-683-4450 (fax: 609-683-7291).

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