Program to monitor cross-border electronic funds transfers is not feasible before March 2010, report says. Treasury Department’s goal had been to have program running by December. Program would collect between 350 million and 500 million reports on fund transfers each year. U.S. Congress authorized the program in the Intelligence Reform and Terrorism Prevention Act of 2004. Project would require spending $1.5 million for hardware and software maintenance over three years and $800,000 for vendor support services. The American Bankers Association “remain unconvinced that FinCEN would be able to substantially benefit” from the program.”]
Source: https://www.csoonline.com/article/2121699/database-to-track-fund-transfers-to-be-delayed.html