Blanco addresses enforcement conference

Kenneth A. Blanco, Director of the Financial Crimes Enforcement Network (FinCEN), spoke at the American Bankers Association/American Bar Association (ABA/ABA) Financial Crimes Enforcement Conference on December 10, 2019. He addressed how FinCEN uses BSA data, particularly as it relates to filings involving convertible virtual currency; the status of FinCEN’s BSA Value Project; the importance of beneficial ownership information; FinCEN’s ongoing federal banking agency working group efforts; and some significant organizational changes within FinCEN.

In his discussion of beneficial ownership information, Blanco said that there is more work to be done in that arena, and that collecting beneficial ownership information at the corporate formation stage is the next criitical step. He said that FinCEN is committed to working with key stakeholders, including Congress, to find effective, sensible solutions to address this serious and growing gap in our national security.