Regulatory Alerts1996-03-01 | FinCEN Advisory - Issue 1Added
Introducing The FinCEN Advisory (FinCEN Advisory - Issue 1)
The Financial Crimes Enforcement Network launches a recurring advisory series for the financial, regulatory, and law enforcement communities to describe trends and developments related to money laundering and financial crime. The document outlines the network's reliance on financial institutions to detect suspicious transactions and details recent steps to reduce regulatory burdens, including the elimination of certain regulations, a redesign of the Currency Transaction Report that eliminated 30 percent of previously collected information, and a simplification of the suspicious activity reporting process. It establishes that future advisories will focus on general trends, specific obligations under the Bank Secrecy Act, and intelligence gathered from law enforcement and regulatory partners.