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For Immediate Release
December 3, 2018
ABA Media Contact: Blair Bernstein
(202) 663-5468
Email: bbernste@aba.com
Follow us on Twitter: @ABABankers

ABA Applauds FinCEN and Regulators’ BSA/AML Innovation Announcement

By Rob Nichols, ABA president and CEO

​“We welcome today’s joint announcement by banking regulators and the Financial Crimes Enforcement Network encouraging financial institutions to evaluate and consider implementing innovative approaches to combat money laundering, terrorist financing and other illicit financial threats. We believe this announcement and the creation of an interagency working group are positive steps toward making BSA/AML compliance more efficient and effective. We are particularly pleased that Treasury Under Secretary of Terrorism and Financial Intelligence Sigal Mandelker chose to unveil the joint announcement at today’s Financial Crimes Enforcement Conference co-hosted by ABA.
 
“The conference showcases how banks work diligently alongside regulators and law enforcement to protect the financial system from a growing array of evolving threats. Allowing for more private sector innovation can help ensure that we stay one step ahead of bad actors, while also reducing compliance burdens. We appreciate this initiative from regulators and look forward to working with them to update and improve the BSA/AML compliance framework.”
 
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The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend nearly $10 trillion in loans. Learn more at aba.com.