The Department of the Treasury Financial Crimes Enforcement Network Congressional Budget Justification and Annual Performance Plan and Report FY 2021 discloses that bolstering BSA Data Protection is necessary for FinCEN to continue carrying out its mission: “To safeguard the financial system from illicit use, combat money laundering, and promote national security through the strategic use of financial authorities and the collection, analysis, and dissemination of financial intelligence”.
FINCEN needs additional funding to bolster BSA DATA Protection
The Report states that additional funding will allow FinCEN to:
Regulated institutions that are subject to BSA reporting requirements have the responsibility to properly use and protect BSA Data
FinCEN’s goal is to obtain better reporting from regulated institutions and close “knowledge gaps” via training, feedback sessions, on-site visits and maintaining a close and continual working relationship with stakeholders. Regulated Institutions are required to ensure that they are not improperly using BSA DATA, and that they are fulfilling their responsibility to protect BSA DATA.
Who is your Corporate Governance Expert? ©