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FinCEN Database Will Help Banks Show Compliance with Information Requests
By Matt Squire
printThe U.S. Treasury's Financial Crimes Enforcement Network is developing an information sharing system that will help financial institutions prove they are complying with law enforcement information requests for terrorist financing and money laundering investigations. The system, expected to be in operation next month, will help banks streamline the process of providing examiners with proof of compliance with law enforcement requests, FinCEN Director James Freis said Monday during a money-laundering compliance conference in Washington, D.C. The system will also "reduce the current record-retention load some institutions experience," Freis said. Financial industry groups had proposed such a system "and when FinCEN looked...
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