Reports to Congress

FEASIBILITY OF A
CROSS-BORDER ELECTRONIC FUNDS
TRANSFER REPORTING SYSTEM

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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