EDS gets Bank Secrecy Act work

EDS Corp. won a six-year, $18.5 million contract from the Treasury Department to design, develop and implement a system for storing and delivering information for the department's Financial Crimes Enforcement Network, the company said today.

The system, called BSA Direct, will assist the agency in its administration of the Bank Secrecy Act, an anti-money laundering statute. The act requires banks and other institutions vulnerable to money laundering to file reports for financial transactions that indicate financial crimes.

The Financial Crimes Enforcement Network analyzes these reports and sends them to law enforcement and financial regulatory organizations.

BSA Direct will be able to alert agency officials to irregularities in reports and will examine the use of accessed data to prevent it from being abused. The system also will help law enforcement and regulatory agencies to use the data more effectively in fighting criminal activity.

Based in Plano, Texas, EDS employs more than 130,000 people and had 2003 revenue of $21.5 billion. It ranks No. 8 on Washington Technology's 2004 Top 100 list of federal prime contractors.