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February 22, 2011
CONTACT: Bill Grassano

FinCEN Releases Outreach Report on
Depository Institutions with Assets under $5 Billion
Community Banks and Credit Unions Provide Key Insights

VIENNA, Va. - The Financial Crimes Enforcement Network (FinCEN), in a new report, Outreach to Depository Institutions with Assets Under $5 Billion, released today, announced the findings of its Outreach Initiative to smaller depository institutions. The report's findings are based on information gathered from FinCEN's individual visits and town hall style meetings with more than 70 depository institutions including credit unions and community banks. This is the third in a series of Outreach Initiative reports released by FinCEN.

"FinCEN's Outreach Initiative enhances the partnership between government and the financial industry in our shared goal of protecting the financial system from criminal activity," said FinCEN Director James H. Freis, Jr. "Over the last few years, financial institutions' understanding has grown about how they contribute to deterring and helping law enforcement detect crime just as the government's better understanding of the business implications for industry, which in turn helps us align regulatory requirements where possible with business incentives."

Among the key findings in the report:

Beginning with large depository institutions, FinCEN initiated an outreach effort in 2008 with representatives from a variety of industries that fall under BSA regulatory requirements. In 2009, FinCEN conducted outreach to some of the nation's largest money services businesses, and last year the initiative was expanded to smaller depository institutions.


F inCEN's mission is to enhance U.S. national security, deter and detect criminal activity, and safeguard financial systems from abuse by promoting transparency in the U.S. and international financial systems.