Tuesday, February 03, 2009

FinCEN Gets 'So-So' Security Report Card From GAO

Angela Gunn writes on BetaNews:

The Treasury Department bureau responsible for watching for money laundering isn't watching its security closely enough, according to GAO auditors. Worse, much of FinCEN's problems lie with the notoriously security-poor IRS.

FinCEN needs to step up its documentation efforts and its implementation of security control, according to a report from the US Government Accountability Office.

The report was presented last week to members of the House of Representatives, examined FinCEN's own information systems and the points at which FinCEN (the Financial Crimes Enforcement Network) draws on IRS and Treasury Communications System (TCS) data. Data was compiled from March 2008 to January 2009.

Together, FinCEN uses those three systems to administer the Bank Secrecy Act, which works with law enforcement here and abroad to nail down money laundering and the crimes associated with it. You probably know the BSA best as "that rule that you can't get access right away to all the funds when you deposit a really big check, and then they ask all those questions."

More here.


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