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FinCEN Announces Reorganization

NationalMortgageProfessional.com
Jun 24, 2013

Jennifer Shasky Calvery, Director of the Financial Crimes Enforcement Network (FinCEN), has announced that FinCEN’s reorganization will be implemented as of June 24. “Since becoming FinCEN’s Director, my priority has been getting the best we can from our data, our unique authorities, and especially our talented and dedicated people. We have a history of success, but every organization can improve,” said Director Shasky Calvery. “We tore down informational silos where we found them, and created more opportunities for cross-training and greater staff interaction.”  Under the former organizational structure, FinCEN was organized by stakeholder. The Analysis and Liaison Division served law enforcement. The Regulatory Policy and Programs Division served industry and regulators. The International Programs Division served foreign partners. Each of these three divisions was vertically integrated to carry out all functions for its stakeholders and had its own analysts, policy specialists, liaisons, and enforcement specialists. The fundamental conceptual change underlying the reorganization is that employees will now be organized by job function rather than the stakeholder that they serve. Each division will be responsible for serving all FinCEN stakeholders. Rather than a vertically integrated structure for each division, all of FinCEN’s financial intelligence analysts will be in the Intelligence Division; all of FinCEN’s policy specialists will be in the Policy Division; all of FinCEN’s liaison, outreach, and call center personnel will be in the Liaison Division; and all of FinCEN’s staff members responsible for exercising FinCEN’s regulatory enforcement authorities will be in the Enforcement Division. “In the new structure, information developed by an analyst in the Intelligence Division could more easily be provided to law enforcement, regulators, foreign partners, and industry to enable each of them to better carry out their individual responsibilities,” said Director Shasky continued. “This maximizes FinCEN’s ability to further its anti-money laundering and counterterrorist financing efforts in a nimble and efficient way.”
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