The Financial Crimes Enforcement Network has reorganized to strengthen its enforcement of the nation's anti-money laundering laws.
Under the new setup, Fincen's intelligence analysts work in a policy division; its liaison, outreach and call center personnel belong to a liaison division; and the people responsible for enforcement actions serve in an enforcement division.
Fincen previously grouped analysts, policy specialists, liaisons and enforcement personnel together by the stakeholders served. For example, the old regulatory policy division served industry and regulators, while the international programs division served foreign law enforcement partners.
"In the new structure, information developed by an analyst in the Intelligence Division could more easily be provided to law enforcement, regulators, foreign partners and industry to enable each of them to better carry out their individual responsibilities," Jennifer Shasky Calvery, Fincen's director, said in a press release issued Monday. "This maximizes Fincen's ability to further its anti-money laundering and counterterrorist financing efforts in a nimble and efficient way."
"We have a history of success, but every organization can improve," Shasky Calvery added.
Fincen has turned its attention in recent month to efforts to promoting compliance with anti-money laundering laws by virtual currency exchanges and banks that interact with them. In March, Fincen issued guidance the bureau said was aimed at clarifying application of the Bank Secrecy Act to people who create, distribute and exchange digital tender. In May, Fincen charged digital currency issuer Liberty Reserve with laundering more than $6 billion for criminal groups.
Shasky Calvery told American Banker recently that "innovation is a great thing" but that "being a financial institution comes with certain responsibilities."