ICBA Urges BSA Reform in New White Paper

Jul 11, 2018
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ICBA released a plan for updating the nation’s Bank Secrecy Act, anti-money-laundering, and combating-financing-of-terrorism laws and regulations.

“Modernizing Anti-Money Laundering and Anti-Terrorist Financing Laws and Regulations” focuses on how policymakers can streamline the nation’s outdated BSA/AML/CFT framework while improving its effectiveness.

The white paper advocates updating currency transaction report and suspicious activity report thresholds, collecting beneficial ownership records at the time a legal entity is formed, providing more current information to financial institutions, and creating a tax credit to offset the cost of BSA.

Access ICBA White Paper