ABA Statement on Updated Bank Secrecy Act Program Rule Proposals

“We welcome today’s Bank Secrecy Act Program rule proposals, and commend Treasury for considering banks' perspectives, cutting through red tape, and taking concrete steps to advance a true risk based approach to BSA compliance. By allowing banks to reallocate resources to higher risk activities and focusing enforcement on the most serious program deficiencies, this framework would strengthen the effectiveness of banks’ anti-money laundering and counter terror financing efforts while increasing the efficiency of bank compliance programs. We welcome FinCEN’s elevated role in AML/CFT supervision and enforcement to ensure greater alignment and consistency across agencies. This increased coordination would provide much-needed cohesiveness and stability for our nation’s banks, enabling them to better protect the financial system while continuing to serve customers and communities across the country.

“We look forward to offering our comments on the proposals and ensuring America's banks continue to play their critically important role in the fight against financial crime, money laundering and terrorist financing going forward.”