ICBA Continues Call for Congress to Modernize BSA

Nov 30, 2018

With Congress resuming its inquiry into Bank Secrecy Act effectiveness and efficiency, ICBA repeated its call for lawmakers to modernize the law. In a statement for a Senate Banking Committee hearing examining regulatory and law-enforcement perspectives, ICBA offered its plans on how to alleviate compliance burdens and allow community banks to better allocate their resources.

ICBA’s statement urged policymakers to update currency transaction report and suspicious activity report thresholds, streamline reporting requirements, offset BSA compliance costs, and require beneficial ownership information to be collected at the time a legal entity is formed.

At the hearing, regulators joined lawmakers from both parties in expressing support for BSA modernization. Financial Crimes Enforcement Network Director Kenneth Blanco said his agency is working with banking regulators to ensure financial institutions are devoting their resources to the highest-priority national security interests.

Read ICBA Statement

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