FinCENs BSA IT Modernization initiative is a Treasury effort to provide a modernized information technology foundation to collect, analyze, and share Bank Secrecy Act (BSA) data. This investment directly supports FinCENs goal of efficient managementFinCENs BSA IT Modernization initiative is a Treasury effort to provide a modernized information technology foundation to collect, analyze, and share Bank Secrecy Act (BSA) data. This investment directly supports FinCENs goal of efficient management, safeguarding, and use of BSA information, consistent with its mandate to manage the government-wide IT systems for BSA data. It also supports Treasurys overall strategic goal to prevent terrorism and promote the nations security through strengthened internal financial systems, and efforts of financial regulators to improve the safety and soundness of the financial system. FinCEN is the administrator of the Bank Secrecy Act, which allows stakeholders to combine this financial intelligence information with other information sources to address issues related to effectively managing the governments finances can also be used for issues related to securing economic and financial stability, such as detecting mortgage fraud, or instances of insider abuse or market manipulation. BSA data can also be used for issues related to securing economic and financial stability, such as detecting mortgage fraud, or instances of insider abuse or market manipulation. FinCEN faces the challenge of how to enable easier compliance and streamline BSA information capture for FinCENs financial community stakeholders while maximizing the value and impact of BSA information for its regulator, law enforcement and intelligence community stakeholders. The BSA IT Modernization investment is targeted to address these challenges. This program will establish an enterprise-wide information management and analysis framework that will equip law enforcement and financial industry regulators with better decision-making abilities and increased value of BSA information through enhanced data integrity and analytical tools. This will allow law enforcement and regulators to focus their limited resources on the areas of shifting illicit criminal activities and vulnerabilities effecting the soundness and stability of the U.S. financial system. This investment will also enable easier compliance and streamline BSA information capture for FinCENs financial community through the enhancement of e-filing systems for filers, standardization of financial data with existing financial community standards, and more timely and useful feedback on BSA information filings and the use of BSA information. More..
FY2013 (CY) Spending
Time frame of Investment
2010 - 2020
Financial Crimes Enforcement Network
For the month of March, the overall cost performance index and schedule performance index were 1.010 and .999, respectively. Accomplishments: March aFor the month of March, the overall cost performance index and schedule performance index were 1.010 and .999, respectively. Accomplishments: March and April - In March, FinCEN obtained approval from the Treasury CIO on a Replan Baseline Change Request (BCR), which split the final project, Broker Information Exchange, into two releases. The first release is now scheduled to be 8/1/13 with a planned cost of $3.0M. The second release has a planned completion date of 4/1/14 with a planned cost of $2.5M. FinCEN is continuing its development effort on the first release. In addition, FinCEN continues its transition to the operations and maintenance phase of the Program and institutionalizing its release planning processes and supporting templates and guidelines. More..
Number of Projects
|Project Name||Project Life Cycle Costs||Cost Variance||Schedule Variance|
|Bank Secrecy Act (BSA) IT Modernization||$41.74 M|
|Metric Description||Frequency||Unit of Measure||FY2013 Target||Most Recent Actual||Met/Not Met||Updated Date of Most Recent Actual|
|Average number of hours from receipt to availabiliAverage number of hours from receipt to availability for query or dissemination More..||Monthly||HrsHrs||90||50||Met||2013-03-31|
|Number of reusable BSA data sets used for case anaNumber of reusable BSA data sets used for case analysis More..||Semi-Annual||StepsSteps||40||44||Met||2013-03-31|
|Number of days to implement changes to BSA data coNumber of days to implement changes to BSA data collection tools More..||Quarterly||daysdays||175||93||Met||2013-03-31|
|Percent of BSA reports captured electronicallyPercent of BSA reports captured electronically||Monthly||percentagepercentage||90||97||Met||2013-03-31|
|Percent of customers who report overall satisfactiPercent of customers who report overall satisfaction with the use of simple query/portal More..||Annual||percentagepercentage||77||77||Met||2013-03-31|
|Does the investment have any activities with a planned duration greater than a year?:||Yes|
|Planned duration of the longest activity (days):||659|
|Average planned duration of in-progress and future activities (days):||411|
|Planned cost of one activity is greater than 25% of total planned cost of all activities?:||No|
|Number of contracts applying modular development principles:||8|
All activity calculations assess only activities with no related child activities.
Note: All descriptions, dates, and costs are as reported by agencies.
This section includes details about the organizations and leadership responsible for the performance of this investment. Many of the details included in the IT Dashboard are based on the agency’s Exhibit 300 (also known as a Business Case), submitted to the Office of Management and Budget. Access this document by clicking View Exhibit 300. Performance Metrics established by the agency can also be viewed here.
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Cost variance is calculated as the variance between the actual costs of an investment’s activities and their planned costs to date in dollars as a percentage of the activities’ total costs. Visit the FAQs for details on how the IT Dashboard calculates Cost variance.
Schedule variance is calculated as the variance between the investment’s planned and actual progress so far, in days as a percentage of the scheduled work so far. Visit the FAQs for details on how the IT Dashboard calculates Schedule variance.
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