FOR IMMEDIATE RELEASE
ICBA Commends Treasury Secretary Paulson for Actions to Reduce BSA Regulatory Burden
Washington, D.C. (June 22, 2007)—Karen Thomas, executive vice president and director of Government Relations of the Independent Community Bankers of America (ICBA), issued the following statement on Treasury Secretary Henry Paulson’s announcement at the Financial Crimes Enforcement Network regarding Bank Secrecy Act regulation and compliance:
“ICBA thanks Secretary Paulson for his leadership in seeking to reduce unnecessary regulatory burden in anti-money laundering compliance for community banks. Community bankers are committed to adopting balanced, effective measures to detect and report money laundering and terrorist financing.
“Today’s announcement is a welcome initiative in reducing the disproportional regulatory burden facing community banks while still safeguarding our nation’s security. The four steps proposed today will help streamline compliance.
“ICBA looks forward to continuing to work with FinCEN and with law enforcement to ensure regulations and examinations are risk-focused and support the fight against money laundering and terrorism financing without placing an undue burden on the resources of community banks and their ability to serve their customers and communities.”