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"Digital currencies are exciting because of the innovation," but "being a financial institution comes with certain responsibilities," says Fincen Director Jennifer Shasky Calvery in a Q&A.
May 30 -
The Treasury Department has proposed a rule designed to seal off the U.S. financial system from Liberty Reserve, the digital currency issuer authorities charged Tuesday with laundering more than $6 billion for criminal groups.
May 28
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
Shasky Calvery
