Treasury Department Announces Steps to Enhance Compliance Efforts

The Treasury Department has unveiled a series of measures aimed at improving its own compliance initiatives, which includes a reassessment of its enforcement actions.

Deputy Secretary of the Treasury, Wally Adeyemo, shared the details of these changes in a memo, clarifying that they will be applicable to all divisions of the Treasury, except for the Offices of Inspectors General and the Office of the Comptroller of the Currency.

Adeyemo emphasized the importance of the Treasury Department's role in serving American families, workers, and businesses, and highlighted that the announced measures are part of a comprehensive strategy, directed by Secretary Janet Yellen, to enhance fairness and accountability in compliance and enforcement efforts while preventing waste, fraud, and abuse.

The strategy revolves around four key principles. Firstly, the Treasury aims to facilitate compliance by individuals and entities by making program rules and guidance more accessible, expanding opportunities for self-correction, and improving communication with those who have financial obligations. Secondly, enforcement will be prioritized based on a comprehensive assessment of relevant factors, with a strategic focus on identifying and evaluating risks within each program to maximize effectiveness in increasing compliance.

The Treasury also plans to invest in personnel, technology, and other resources to efficiently investigate and address noncompliance. A data-centric approach will be adopted to monitor compliance, identify anomalies, and patterns, with automated tools being utilized to streamline compliance testing and enhance efficiency. Lastly, the department is committed to promoting fairness, trust, and accountability in administration and enforcement efforts through well-defined and documented compliance and remediation strategies.

To implement these priorities, the Treasury intends to conduct reviews of existing procedures, engage with stakeholders for input, conduct regular system audits, and provide semiannual reports to Deputy Secretary Adeyemo.

In a press release, Deputy Secretary Adeyemo stated, "The Treasury Department provides critical services that touch the lives of millions of American families, workers, and businesses. Today's announcement is part of a comprehensive strategy directed by Secretary Yellen to promote fairness and accountability in our compliance and enforcement efforts as we safeguard against waste, fraud, and abuse."

By fLEXI tEAM