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NEWS RELEASE 2007
ABA Media Contact: Jonathan Snowling
(202) 663-5468
E-mail:jsnowlin@aba.com
NEW ABA COMMITTEE WORKS ON SOLUTIONS TO IMPROVE BSA EFFECTIVENESS
Private Industry Leaders to Offer a Fresh Look at Bank Secrecy Act Reform
WASHINGTON, Sept. 24 – The American Bankers Association has formed a special Committee on Bank Secrecy Act Reform. The new panel appointed by ABA Chairman Earl D. McVicker is made up of banking industry leaders in anti-money laundering efforts, who bring a deep and diverse set of experiences in banking industry management, regulatory agencies and law enforcement.
“This may be the most qualified group of bankers yet assembled to consider how to make our anti-money laundering programs work the way we all want them to work, more effectively, more focused on stopping crooks and thwarting terrorists,” said Wayne Abernathy, ABA’s executive director of financial institutions policy and regulatory affairs.
The committee will take a fresh look at the BSA regulatory program and offer concrete proposals to enhance its efficiency and improve the return on the investment being made by industry and government.
The formation of the Chairman’s Committee on BSA Reform comes at a critical juncture, as Treasury Secretary Henry Paulson recently announced plans to work with financial institutions and regulators to develop initiatives for improving BSA efficiency. The committee will give a voice to the banking industry’s perspective on BSA reform and apply industry resources and talents to the goal of substantially improving the current system.
During the committee’s initial phase, it will seek input from various people with insight and experience in the BSA process—law enforcement, regulators, bankers and the public. This outreach will inform the committee’s deliberations and assure its consideration of a broad range of practical perspectives on the issues involved.
“Momentum is building to transform the BSA program from a weighty compliance exercise into a vibrant partnership with a strong return in fighting crooks and terrorists. The work of the committee will provide ideas and identify opportunities to strengthen the effectiveness of the BSA program,” said Abernathy.
The members of the Chairman’s Committee on BSA Reform are:
• Jeff Austin, III, vice chairman, Austin Bank;
• William Fox, SVP and global AML executive, Bank of America;
• Michael Kelsey, managing vice president, AML Compliance, Capital One;
• William D. Langford, SVP and director of global AML, JPMorgan Chase;
• Rick Maltz, SVP and chief risk officer, Bangor Savings Bank;
• Anna Rentschler, BSA officer, Central Bancompany;
• Rick Small, global AML leader, GE Money;
• Dan Soto, chief compliance officer, RBC Centura Bank; and
• Robert W. Werner, managing director, Merrill Lynch.
For further information, or to make contact with the committee, please contact Sepideh Behram, ABA Senior Compliance Counsel at sbehram@aba.com or 202-663-5029.
The American Bankers Association, on behalf of the more than two million men and women who work in the nation's banks, brings together all categories of banking institutions to best represent the interests of this rapidly changing industry. Its membership-which includes community, regional and money center banks and holding companies, as well as savings associations, trust companies and savings banks-makes ABA the largest banking trade association in the country.
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