The US Securities and Exchange Commission and the Treasury Department's Financial Crimes Enforcement Network have announced an information-sharing agreement to help combat money laundering and uncover terrorist financing. Under the agreement, the SEC is to report to Fincen quarterly on its enforcement of anti-money-laundering rules, as well as on securities firms' internal enforcement. Fincen is to give the SEC assistance and analytical reports as needed. The agreement is similar to those Fincen has with the federal bank regulatory agencies and the US tax authority, the Internal Revenue Service. The announcement came as US regulators cited the New York branches of Habib Bank, a Pakistani bank, and Bank of Tokyo-Mitsubishi, for deficient anti-money laundering compliance procedures and internal controls. Robert Werner, Fincen's director, said, "This agreement is another cornerstone in Fincen's continuing effort to strengthen communication and cooperation among federal regulators that examine financial institutions for compliance with the Bank Secrecy Act." The Bank Secrecy Act was drawn up to protect the US financial system from money laundering and other financial crime through a system of regulatory controls and reporting aimed at increasing transparency in the US financial system. SEC chairman Christopher Cox said: "The agreement will improve our joint efforts to ensure aggressive anti-money laundering compliance programs to deter potential money laundering and terrorist financing activities in the US."