Reaching out to credit unions and other community financial institutions is among 2011's goals, according to the Financial Crimes Enforcement Network's just-released 2010 annual report.
The Treasury Department unit is in charge of administering the Bank Secrecy Act and financial intelligence gathering activities, including anti-money laundering. Its jurisdiction comprises more than 100,000 banks, credit unions, money services businesses, securities brokers, casinos, mutual funds, precious metal dealers and others.
FinCEN has about 325 employees and uses the services of the IRS and other federal and state regulators to help with examinations. The bureau also is continuing its direct outreach, meeting with financial institution executives to help them "increase understanding of the challenges that industry faces in meeting BSA requirements and fighting financial crime."
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