Federal Agency Networking
Networking has strong benefits. Even the federal agencies have figured that out. The bank regulatory agencies and Treasury have just announced a networking agreement to "enhance information-sharing procedure" between FinCEN and the bank regulatory agencies. This has several advantages, most notably that critical information about money laundering or terrorism activities would be realized and acted upon more quickly. It may also have the benefit of increasing the law enforcement world's understanding of financial institutions and how they operate. The disadvantage, of course, is that omissions and violations are likely to be acted upon faster and with more consequences.
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 10, 10/04
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