The U.S. Department of the Treasury on Friday announced that a Memorandum of Understanding (MOU) setting forth information-sharing procedures between the Treasury's Financial Crimes Enforcement Network (FinCEN) and the federal banking regulators has been signed.
Parties to the agreement included: the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, FinCEN, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision.
"This MOU marks another step in strengthening Bank Secrecy Act compliance and protecting the US financial system from corruption by terrorists and other criminals," announced Stuart Levey, the Treasury's under secretary for the Office of Terrorism and Financial Intelligence (TFI).
He went on to add that:
"The enhanced collaboration will help FinCEN better administer the BSA while simultaneously assisting the regulators to better fulfill their roles as banking organization supervisors."
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