America’s Banks play a critical role in the fight against financial crime, money laundering, and terrorist financing. ABA has long supported these efforts by banks, with an emphasis on making the system more efficient and effective in providing information to law enforcement.
ABA supported Congressional efforts to adopt the Anti-Money Laundering Act of 2020 (AMLA), part of the National Defense Authorization Act, as we have supported Congressional efforts over the past decades to improve the system. AMLA is a good first step to reforming the system, and ABA looks forward to working closely with Treasury, FinCEN, and the prudential regulators as continued efforts are undertaken to streamline the system and make it more effective and efficient by:
ABA will continue partnering with law-makers, federal banking regulators, law enforcement groups, and bankers to find common sense improvements to the current framework that will support law enforcement while minimizing unnecessary regulatory burdens.
ABA also actively supports regulatory initiatives designed to improve the BSA/AML system:
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Heather Trew
Senior Vice President & Counsel, Bank Secrecy Act/Anti-Money Laundering, Sanctions
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