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FinCEN and OFE Now Partners
NEW DIRECTOR APPOINTED
It was announced at the International Money Laundering Conference in Miami in May that the offices of FinCEN (Financial Crimes Enforcement Network) and the Office of Financial Enforcement (OFE) are to work as a partnership at the Department of the Treasury. Stan Morris, former Chief of Staff for Ron Noble, Assistant Secretary of the Treasury, will be the new Director.
Both of the offices are part of the Department of the Treasury.
OFE familiar
Many compliance officers in financial institutions are aware of the existence of the OFE. The knowledgeable members of that office have made themselves available for many months to answer questions and make decisions on the translation and the application of the money laundering laws and the Bank Secrecy Act. It is also the office that assesses fines for violations of those laws.
FinCEN new agency
FinCEN was created in 1990 by former Treasury Secretary Brady, and was "dedicated to the fight against money laundering and other financial crime." According to press releases, it was originally intended to be used as a universal, analytical, data collection center, servicing all government investigative agencies. Last year they researched more than 30,000 cases in support of over 150 agencies at all levels of government.
Using best of both
Mr. Noble, in making the announcement, said, "The regulatory and oversight powers of OFE will strengthen and expand FinCEN's analytical and intelligence abilities. The skills of FinCEN will inform and guide the policy making functions of OFE."
Stan Morris pointed out in his remarks that one of the benefits of this partnership to the financial community will be the increased staff under the new organization. OFE presently has less than 20 individuals, while FinCEN has a complement of almost 200.
Mr. Morris, in his comments to conference attendees stressed the fact that one of the aims of the newly formed combination of offices is to listen to and better serve the financial community. "It is my hope," he said, "that the use of better intelligence systems and the reorganization will be of great advantage both to law enforcement and to the bankers."
He also addressed the work of the Task Force that is reviewing the Currency Transaction Report (CTR) and the Criminal Referral Form (CRF). He encouraged them in their efforts to reduce the regulatory burden and paperwork now required.
He said, "Washington [DC] agencies have never seen a bit of data they didn't want. Their philosophy is, 'You never can tell-we may need that someday.' So they pack-rat it away."
His remarks referenced a discussion on one of the panels during the conference when some members of that Task Force indicated the CTR might even be reduced to part of a single page. Mr. Morris applauded their efforts, as did the bankers.
Ronald K. Noble, who announced the appointment of Stan Morris as Director of FinCEN was recently nominated Undersecretary of the Treasury. In his present position as Assistant Secretary of the Treasury for Enforcement, Mr. Noble's office issues all Bank Secrecy Act regulations that apply to financial institutions.
Copyright © 1994 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 4, No. 11, 6/94
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