Financial crime fighter Fox resigns
- By Mary Mosquera
- Jan 30, 2006
The Treasury Department today announced the resignation of Financial Crimes Enforcement Network director William Fox, who is leaving to accept a position with Bank of America. His last day at FinCEN is Feb. 3.
Fox has been FinCEN director since December 2003. Deputy director William Baity will act as director effective Feb. 4.
Under Fox's leadership, FinCEN strengthened its role in the federal effort to fight terrorist financing, money laundering and other financial crimes.
Fox initiated the development of BSA Direct, a modernized system designed to collect, process, store and disseminate all Bank Secrecy Act data, which tracks suspicious transactions. He also provided authorized law enforcement and regulatory agencies with easier access to and enhanced analytical capabilities in use of the data. As a result, agency analysts were able to focus on producing more complex, actionable intelligence related to financial crimes.
'William bolstered the bureau's administration of the Bank Secrecy Act to help protect the U.S. financial sector from terrorist financing and other financial crimes,' said Treasury secretary John Snow in a statement.
Fox will become a senior compliance executive for financial crimes with Bank of America in Charlotte, N.C, beginning Feb. 21.
Fox has been with Treasury for five years, previously serving as the department's associate deputy general counsel and acting deputy general counsel. He also worked at the Bureau of Alcohol, Tobacco and Firearms.
He earned his bachelor's and law degrees from Creighton University in Omaha, Neb.
Mary Mosquera is a reporter for Federal Computer Week.