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The U.S. Department of the Treasury today announced a Memorandum of Understanding (MOU) setting forth information sharing procedures between the Treasury's Financial Crimes Enforcement Network (FinCEN) and the federal banking regulators. Parties to the agreement include: 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 U.S. financial system from corruption by terrorists and other criminals, said Stuart Levey, Treasury's Under Secretary for the Office of Terrorism and Financial Intelligence (TFI).
The enhanced collaboration will help FinCEN better administer the BSA while simultaneously assisting the regulators to better fulfill their roles as banking organization supervisors, said Levey.
Today's announcement is the result of excellent teamwork between the regulators and Treasury and noteworthy leadership by the Senate Banking Committee and the House Financial Services Committee, Levey concluded.
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