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December 14, 1998

Former Chief Compliance Officer Joins FinCEN Staff

The Treasury Department's Financial Crimes Enforcement Network (FinCEN) announced today that Christine E. Carnavos, former chief compliance officer of PNC Bank Corp., has joined its staff as Assistant Director, Office of Compliance and Regulatory Enforcement (OCRE). FinCEN is one of the Treasury's primary agencies to establish, oversee and implement policies to prevent and detect money laundering and is responsible for administering the Bank Secrecy Act (BSA).

As an integral part of FinCEN's senior staff, Ms. Carnavos will work closely with federal, state, and local financial regulatory agencies and financial institutions. She will have responsibility for overseeing compliance by the financial services community with BSA requirements and anti-money laundering programs; issuing guidance to the financial community on the BSA rules; providing oversight of the Internal Revenue Service's Enterprise Computing Center-Detroit Review Group as it relates to the effective entry and dissemination of BSA data; and processing civil penalty case referrals.

"Ms. Carnavos brings unique knowledge and experience to this critical area," said William F. Baity, Acting Director of FinCEN. "Her expertise will enhance our regulatory programs and strengthen our partnerships with the financial community."

During her tenure with PNC, Ms. Carnavos managed the corporate compliance function for the consumer banking, asset management, corporate banking and secured lending divisions. She also had oversight responsibility for compliance programs covering anti-money laundering and the BSA, personal securities trading, insider lending and tax information reporting and escheat.

She was a member of the Board of Advisors for the National Compliance Schools of the American Bankers Association (ABA), served on the ABA's Compliance Executive Committee and chaired the ABA's National Regulatory Compliance Conference in 1996.

Prior to joining PNC, Ms. Carnavos, an attorney admitted in the District of Columbia, had over 15 years law firm experience, specializing in financial institution law. She is a graduate of the National Law Center, George Washington University and received her Bachelor of Arts degree in economics from Wellesley College where she earned the Wellesley Scholar designation.