FinCEN.gov

FEASIBILITY OF A
CROSS-BORDER ELECTRONIC FUNDS
TRANSFER REPORTING SYSTEM

[For quick download, right click here and select "Save Target As" to download complete study - 5.9 MB]

To access individual sections of the study, click on the title of the section below.

Table of Contents
1.0 Executive Summary		v
2.0 Acknowledgments		ix
3.0 Overview		1
3.1 Goals and Design of the Feasibility Study		1
3.2 Background		2
4.0 Data Reasonably Necessary to Identify Illicit Finance		7
4.1 Individual targeting/research of known subjects		9
4.2 Data Matching against Other Data Sources		9
4.3 Link Analysis		10
5.0 Form, Manner, and Content of Reporting		11
5.1 Collecting from the “First In/Last Out” Institution in the U.S.		12
5.2 Money Services Businesses as Collection Points		14
5.3 Form		15
5.4 Manner		17
5.5 Content		17
6.0 Technology Needed		19
6.1 Concept of Operations		19
6.2 Rough Order of Magnitude Cost Estimates		21
7.0 Information Security Protections		23
8.0 Conclusions and Recommendations		31
8.1 Project Risks		31
8.2 Pre-Acquisition Planning		34
8.2.1 User Requirements Analysis		35
8.2.2 Institutional Cost Analysis		35
8.2.3 Value Analysis		35
8.3 System Development and Deployment		36
Appendix A – Financial Crimes Enforcement Network Programs		37
Appendix B – Section 6302		45
Appendix C – Funds Transfer Rule		47
Appendix D – Fundamentals of the Funds Transfer Process		55
Appendix E – Cross-Border Funds Transfer Reporting in Canada and Australia		71
Appendix F – Potential Analytical Value of Cross-Border Funds Transfer Reports		83
Appendix G – FinCEN Industry Survey and Responses		111
Appendix H – Technical Alternatives Analysis		139
Appendix I – BSA E-Filing Fact Sheet		155
Appendix J – Preliminary Work Breakdown Schedule		157
Appendix K – Rough Order of Magnitude Cost Estimates		159
Appendix L – Project Management and Information Technology Processes		165
Appendix M – Acronyms		171

Reports to Congress