Kenneth Rijock

Kenneth Rijock

Monday, May 2, 2016

WILL FINCEN EVER GET A CAREER DIRECTOR ?

                                                                 

The list of Directors, and senior staff, that have left their positions at the Financial Crimes Enforcement Network (FinCEN) prematurely, if placed end to end, would go around the room. James Sloan; Stephanie Brooker; William J. Fox; William D Langford, Jr.; Robert W. Werner, and now Jennifer Shasky Calvery, all leaving for the private sector. It is getting to the point where I am starting to feel neglected, because I have not had a turn at the helm.

Whatever happened to career public service leaders, the ones who would stay on for two decades, gaining valuable experience, and yes, wisdom, to aid them in the discharge of their duties ?  Unfortunately, the lure of middle six-figure positions in the banking world has been far too enticing for our best public servants at FinCEN, as major financial institutions, particularly those with bruises, believe that a former regulator can assist them, far better than their in-house counsel, in dealing with the uncertain future. I cannot blame them, but they take the best of the best away with them.

Can we please appoint a qualified individual, who will actually stay on indefinitely as Director ? Can we get a career-minded person, who will serve as steady hand, and guide FinCEN through what may be rough waters in the years to come ? Please, search committee, find a worthy choice, and one with years of prior government service, who will stay on the job, be effective, and raise the bar on banking best AML/CFT Best Practices. 

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