Big data tools to fight financial crimes

2013 GCN AWARDS

Investigative tools equip Treasury agents to fight financial crime

If the health of the economy depends on the ability of the government to deter crime on financial networks, then search, analytics and security may be the most powerful weapons in the fight. All three are features of the Bank Security Act (BSA) IT modernization program, giving agents tougher tools to spot and chase down crimes via the Financial Crimes Enforcement Network (FinCEN).

In the last year, the Treasury Department’s BSA IT modernization program stood up a financial information management and analysis system that lets federal agents and regulators search millions of financial records, flag violations and pursue suspicious trends at electronic speeds.

A key tool in the war chest is FinCEN Query, a web application that lets users analyze 11 years of FinCEN data. The system also has an audit feature that allows FinCen to monitor and inspect proper use of data. Through BSA IT modernization, FinCEN now provides a “one stop shop” for users to access FinCEN data and applications, conduct sophisticated searching via FinCEN and streamline the financial filing process.

Today, over 6,000 users from more than 350 federal, state and local law enforcement agencies are part of the FinCEN network, helping to widening the net and the networks against a growing threat to the nation’s financial health.

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