FinCEN Exchange Program Launched

On December 4th the Financial Crimes Enforcement Network (FinCEN) launched a new program to improve information sharing with financial institutions.  The FinCEN Exchange program entails periodic briefings with financial institutions to exchange information related to money laundering methods and threats.  At the table with financial institutions will be law enforcement and FinCEN representatives.  Among the goals is to identify money laundering vulnerabilities and determine how best to combat them.  The program will be voluntary.  There are no new regulatory requirements associated with the program.

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John Zasada is a principal with CLA and leads the firm’s financial institution regulatory compliance practice. He assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, training staff on regulations, and performing website compliance assessments. In addition, John is a frequent speaker at industry conferences and state associations. Prior to joining CLA, he served as managing director at a top-10 accounting firm and as the compliance officer of a large financial institution, where he developed and implemented its first regulatory compliance program.

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