Information Technology Management: Observations on the Financial Crimes Enforcement Network's (FinCEN's) BSA Direct Retrieval and Sharing (BSA Direct R&S) Project

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Correspondence issued by the Government Accountability Office with an abstract that begins "The Financial Crimes Enforcement Network's (FinCEN) primary function is to support and strengthen domestic and international anti-money laundering efforts through coordination and partnerships. Since its creation in 1990, FinCEN has been responsible for overseeing the management, processing, storage and dissemination of Bank Secrecy Act (BSA) data. In 2004, FinCEN embarked on a major initiative intended to improve the sharing of information reported under the Bank Secrecy Act. BSA Direct is an umbrella project intended to provide secure, user-friendly, web-based tools for accessing, analyzing, and filing BSA data. It ... continued below

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United States. Government Accountability Office. July 14, 2006.

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Description

Correspondence issued by the Government Accountability Office with an abstract that begins "The Financial Crimes Enforcement Network's (FinCEN) primary function is to support and strengthen domestic and international anti-money laundering efforts through coordination and partnerships. Since its creation in 1990, FinCEN has been responsible for overseeing the management, processing, storage and dissemination of Bank Secrecy Act (BSA) data. In 2004, FinCEN embarked on a major initiative intended to improve the sharing of information reported under the Bank Secrecy Act. BSA Direct is an umbrella project intended to provide secure, user-friendly, web-based tools for accessing, analyzing, and filing BSA data. It is part of a broad effort to reengineer data management responsibilities and transition them from the IRS. During the early spring of 2006, it became clear to FinCEN that the Retrieval and Sharing component of the BSA Direct project (BSA Direct R&S) was not going to meet the critical implementation deadline of June 30, 2006. Because FinCEN has experienced problems with development and implementation of the BSA Direct R&S, Congress asked us about the project's current status and to provide observations on FinCEN's IT investment management practices. Our objectives were to (1) describe BSA Direct R&S and the project's current status; (2) examine FinCEN's application of information technology (IT) investment management processes to the BSA Direct R&S project; and (3) describe, at a high level, the range of options FinCEN may consider as it reexamines the BSA Direct R&S project."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • July 14, 2006

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  • June 12, 2014, 7:50 p.m.

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United States. Government Accountability Office. Information Technology Management: Observations on the Financial Crimes Enforcement Network's (FinCEN's) BSA Direct Retrieval and Sharing (BSA Direct R&S) Project, text, July 14, 2006; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc299284/: accessed October 18, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.