LCB Case Means FinCEN Needs to Get IT Right This Time
The recent designation of the Lebanese Canadian Bank (LCB) as a “financial institution of primary money laundering concern” compels the Financial Crimes Enforcement Network (FinCEN) to continue its IT modernization project, despite multiple setbacks. The LCB case is a reminder of the significant role of FinCEN, not only in the investigation of criminal organizations, but also in the investigation of the movement of funds used to support organizations that threaten U.S. national security and interests.