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Incoming FinCEN Chief Will Face Rulemaking, IT Challenges
By Brian Monroe
printThe next head of the nation's financial intelligence unit will face pressure to revamp its rule-writing process, complete a database overhaul and improve the bureau's rapport with financial institutions, sources say. Last week, the U.S. Treasury Department's Under Secretary for Terrorism and Financial Intelligence David Cohen dismissed James Freis, Jr., the director of the Financial Crimes Enforcement Network (FinCEN) after a 5-year tenure that oversaw the proposal of a slew of anti-money laundering (AML) regulations. Freis will stay on until his replacement is found, MoneyLaundering.com first reported last Thursday. While the department has yet to name Freis' replacement, individuals in...
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