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#2075738 - 04/26/16 06:12 PM FinCEN
bcompliance Offline
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https://www.fincen.gov/news_room/speech/pdf/20160426.pdf

"Jennifer Shasky Calvery announced today that she will be leaving her position as Director of the Financial Crimes Enforcement Network (FinCEN) at the end of May. Ms. Calvery has served as FinCEN’s director since September 2012. Her entire career has been spent in service to the public, including 15 years at the Department of Justice where much of her work was focused on combating financial crime"

I wonder if this has anything to do with the upcoming assessemnt and the lack of progress to identify beneficial owners?
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#2075760 - 04/26/16 06:54 PM Re: FinCEN bcompliance
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Or it's just another revolving door in the history of FinCEN Directors:

Brian M. Bruh (1990 - 1993)
Stanley E. Morris (1994 - 1998)
James F. Sloan (April 1999 - October 2003)
William J. Fox (December 2003 - February 2006)
Robert W. Werner (March 2006 - December 2006)
James H. Freis, Jr. (March 2007 - August 2012)
Jennifer Shasky Calvery (September 2012 – present)

3 to 5 years has been the approximate term for a Director
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#2075761 - 04/26/16 07:05 PM Re: FinCEN bcompliance
bcompliance Offline
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Good point. I started working in banking in 2012 (compliance/BSA in 2014), so I never heard of any of the others.
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#2075775 - 04/26/16 07:22 PM Re: FinCEN Princess Romeo
Elwood P. Dowd Offline
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Bill Fox is the only one I remember with clarity...working for a bank now and mentioned in a recent article as saying BSA officers should consider making certain they are covered under the bank's D & O coverage.

Wonder how many of them went through the same revolving door from the regulator to the regulated.
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#2075778 - 04/26/16 07:25 PM Re: FinCEN bcompliance
MT2002 Offline
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William J. Fox (December 2003 - February 2006)

FATF's 2006 mutual evaluation of the U.S.: On-site evaluation during November 2005, January 2006 and subsequently with the review ending in May 2006. It appears that FATF has a small trend in scaring away FinCEN directors.

At least Stanley Morris stuck around for the entire 1997 evaluation.

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#2075838 - 04/26/16 11:22 PM Re: FinCEN MT2002
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Ms Calvery is joining Gibson Dunn. If any of you remember Amy Rudnick, she is at Gibson Dunn. Amy was the Directory of Treasury's Office of Financial Enforcement back in the good old days! OFE is the predecessor to FinCEN.
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#2075849 - 04/27/16 11:35 AM Re: FinCEN Retread
Elwood P. Dowd Offline
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It's a familiar pattern. Her dues are paid; she has an internationally credible resume. It's time to cash in.
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#2075851 - 04/27/16 12:02 PM Re: FinCEN bcompliance
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#2075867 - 04/27/16 01:35 PM Re: FinCEN bcompliance
John Burnett Offline
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IF -- and that's a BIG IF -- the impending FATF mutual evaluation has anything to do with this career move, I can only ask why any Director of this agency, caught between FATF and a Congress without the stones to force some transparency into the swamp of entity ownership, would stick around for the inevitable congressional hearings, fingerpointing and other backbiting that is bound to result.
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#2075995 - 04/27/16 06:20 PM Re: FinCEN John Burnett
Princess Romeo Offline

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Originally Posted By John Burnett
IF -- and that's a BIG IF -- the impending FATF mutual evaluation has anything to do with this career move, I can only ask why any Director of this agency, caught between FATF and a Congress without the stones to force some transparency into the swamp of entity ownership, would stick around for the inevitable congressional hearings, fingerpointing and other backbiting that is bound to result.

Classic - considering Congress is acting just like the behavior they abhor in banks - where the board and management do not provide the compliance officer with sufficient authority to do their job, but blame the compliance officer when things go wrong.

Classic - and sadly, not surprising.
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#2076083 - 04/27/16 10:16 PM Re: FinCEN banker1976
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Oops! I rechecked the article I read last night. They printed a correction today. Stephanie Brooker, Ms. Calvery"s senior advisor, is the one going to Gibson Dunn. Sounds like they are all jumping ship!
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#2076155 - 04/28/16 04:02 PM Re: FinCEN Princess Romeo
Pat Patriot Act Offline
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Originally Posted By Princess Romeo
Originally Posted By John Burnett
IF -- and that's a BIG IF -- the impending FATF mutual evaluation has anything to do with this career move, I can only ask why any Director of this agency, caught between FATF and a Congress without the stones to force some transparency into the swamp of entity ownership, would stick around for the inevitable congressional hearings, fingerpointing and other backbiting that is bound to result.

Classic - considering Congress is acting just like the behavior they abhor in banks - where the board and management do not provide the compliance officer with sufficient authority to do their job, but blame the compliance officer when things go wrong.

Classic - and sadly, not surprising.


She's the perfect scapegoat for the pending negative remarks relative to beneficial ownership.

Tenure met the average. Check.

Couldn't do the impossible. Check.

Wasn't brought in under the new department head (Jack Lew). Check.

The NPRM was her baby and it's going to be aborted.
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