WASHINGTON (6/25/13)--As information nerds know, "silos" can be bad because they inhibit related communication--even within an organization--and the Financial Crimes Enforcement Network (FinCEN) Monday announced it is tearing silos down to enhance communications.
Jennifer Shasky Calvery, who became FinCEN director last September, announced a reorganization with the underlying conceptual change being that employees will be organized by job function rather than by the stakeholder that they serve.
"In the new structure, information developed by an analyst in the Intelligence Division could more easily be provided to law enforcement, regulators, foreign partners, and industry to enable each of them to better carry out their individual responsibilities," Shasky explained. "This maximizes FinCEN's ability to further its anti-money laundering and counterterrorist financing efforts in a nimble and efficient way."
Shasky noted that under the former organizational structure, FinCEN was organized by stakeholder. The Analysis and Liaison Division served law enforcement. The Regulatory Policy and Programs Division served industry and regulators. The International Programs Division served foreign partners.
"Each division was vertically integrated to carry out all functions for its stakeholders and had its own analysts, policy specialists, liaisons, and enforcement specialists," she said.
Use the link to read the entire FinCEN release.