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Daniel P. Stipano Quoted in ACAMS Article, “FinCEN Must ‘Reclaim’ Examination Authority, Overhaul AML Rules: Industry Panel”


Daniel P. Stipano

Daniel P. Stipano was quoted on February 16, 2017 in an ACAMS article by Valentina Pasquali, “FinCEN Must ‘Reclaim’ Examination Authority, Overhaul AML Rules: Industry Panel.” The article notes that FinCEN “should ’reclaim’ sole authority for examining multinational banks that present national security implications and require them to submit a broader set of raw data tied to suspicious transactions.

Stipano added, “FinCEN is a very small agency. They don’t have bank examiners. The OCC has a lot of bank examiners, and in the big banks they have resident teams, embedded in institutions, who are there almost 365 days a year. It would be awfully hard to replicate the same level of supervision in another agency.”

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