Former Chief Compliance Officer Joins FinCEN Staff

The Treasury Department's Financial Crimes Enforcement Network (FinCEN) announced todaythat Christine E. Carnavos, former chief compliance officer of PNC Bank Corp., has joinedits staff as Assistant Director, Office of Compliance and Regulatory Enforcement (OCRE).FinCEN is one of the Treasury's primary agencies to establish, oversee and implementpolicies to prevent and detect money laundering and is responsible for administering theBank Secrecy Act (BSA).

As an integral part of FinCEN's senior staff, Ms. Carnavos will work closely withfederal, state, and local financial regulatory agencies and financial institutions. Shewill have responsibility for overseeing compliance by the financial services communitywith BSA requirements and anti-money laundering programs; issuing guidance to thefinancial community on the BSA rules; providing oversight of the Internal RevenueService's Enterprise Computing Center-Detroit Review Group as it relates to the effective entry anddissemination of BSA data; and processing civil penalty case referrals.

"Ms. Carnavos brings unique knowledge and experience to this critical area,"said William F. Baity, Acting Director of FinCEN. "Her expertise will enhance ourregulatory programs and strengthen our partnerships with the financial community."

During her tenure with PNC, Ms. Carnavos managed the corporate compliance function forthe consumer banking, asset management, corporate banking and secured lending divisions.She also had oversight responsibility for compliance programs covering anti-moneylaundering and the BSA, personal securities trading, insider lending and tax informationreporting and escheat.

She was a member of the Board of Advisors for the National Compliance Schools of theAmerican Bankers Association (ABA), served on the ABA's Compliance Executive Committee andchaired the ABA's National Regulatory Compliance Conference in 1996.

Prior to joining PNC, Ms. Carnavos, an attorney admitted in the District of Columbia,had over 15 years law firm experience, specializing in financial institution law. She is agraduate of the National Law Center, George Washington University and received herBachelor of Arts degree in economics from Wellesley College where she earned the WellesleyScholar designation.