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Issue of Interest: Money Laundering and USA Patriot Act
ABA Media Contact: Jonathan Snowling
(202) 663-5468
E-mail: jsnowlin@aba.com Last update: April 23, 2009
The banking industry and the ABA are aggressively working with law enforcement officials across the country in response to the terrorist threat. Banking institutions provide information that helps authorities track the activities of terrorists, money launders and possible associates.
Banks are subject to strict anti-money laundering laws, including the Bank Secrecy Act of 1970, which created the record keeping and reporting requirement. It is a bank's responsibility to report all suspicious activity to law enforcement or be subject to fines of up to $1 million a day.
Bankers are strongly committed to protecting the privacy of their customers and the security of their data. If requested by law enforcement for customer information, banks will not release any information unless they have a subpoena or search warrant.
Press Releases
- ABA To Hold Compliance Conference June 7-10 In Orlando (April 21, 2009)
- Experts Present ABA Plan to Strengthen Fight Against Financial Crime (Oct. 16, 2008)
- ABA to Hold 20th Annual AML Conference October 19-21 in Washington (Sept. 3, 2008)
- Anna Rentschler Receives ABA 2008 Distinguished Service Award (June 9, 2008)
- ABA to Hold Compliance Conference June 8-11 in Chicago (April 9, 2008)
- ABA Provides Testimony Voicing Concern Over Internet Gambling Laws (April 2, 2008)
- GAO Study Confirms Significant Shortcomings With The Current CTR Process (Feb. 21, 2008)
- New ABA Committee Works on Solutions to Improve BSA Effectiveness (Sept. 24, 2007)
- ABA to Hold 20th Annual AML Conference October 21-23 in Washington (July 30, 2007)
- ABA Applauds Treasury Efforts To Improve AML Effectiveness (June 22, 2007)
- ABA Conducts National Survey of Compliance Professionals (June 4, 2007)
- ABA Provides Testimony Urging Congress To Improve The SAR Process (May 10, 2007)
ABA Correspondence and Testimony
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- ABA Comment Letter to FinCEN regarding CTR overload (February 18, 2005) pdf
- ABA comments on OTS BSA paperwork estimate (February 14, 2005) pdf
- ABA letter to Treasury on bank examination procedures (September 21, 2004) pdf
- ABA Comment Letter to FinCEN regarding 2003-2008 Strategic Plan (August 21, 2003) pdf
- ABA Comment Letter to OFAC regarding Economic Sanctions Enforcement Guidelines (March 31, 2003) pdf
- ABA Comment Letter to Treasury Department regarding Patriot Act Task Force (January 23, 2003) pdf
- ABA Comment Letter to FinCEN regarding section 326 of USA Patriot Act(September 6, 2002) pdf
- ABA Comment Letter to FinCEN regarding section 314 of USA Patriot Act
(April 2, 2002) pdf
- ABA Resource Guide: Identification and Verification of Account Holders(February 12, 2002) pdf
- Testimony of John J. Byrne on Money Laundering before the Committee on Financial Services, U.S. House of Representatives (February 12, 2002) pdf
- ABA Strongly Supports H.R. 3004, the "Financial Anti-Terrorism Act of 2001" (October 16, 2001) pdf
- Testimony of Edward L. Yingling on Money Laundering before the Committee on Financial Services, U.S. House of Representatives (October 3, 2001) pdf
More Resources
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