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                  November 29, 2018

                  FinCEN, OCC and FBI Officials Testify on BSA/AML Regulatory and Supervisory Regime

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                  In testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, FinCEN, Office of the Comptroller of the Currency ("OCC") and FBI officials described efforts to improve the Bank Secrecy Act ("BSA") / Anti-Money Laundering ("AML") regulatory and supervisory regime.

                  FinCEN Director Kenneth A. Blanco emphasized the importance of information obtained through BSA compliance requirements. He said that such information helps FinCEN to (i) ensure the protection of the financial system from exploitation by illicit actors or financial institutions with broken controls, (ii) provide financial institutions with information about suspicious behavior related to money laundering and terrorist financing threats and (iii) aid investigations tied to weapons trafficking and other crimes.

                  Mr. Blanco added that components of FinCEN's efforts to improve the BSA regime include:

                  • using artificial intelligence and machine learning to analyze the data;

                  • sharing information with the private sector to help identify suspicious activity; and

                  • developing new ways to provide feedback to financial institutions on the value and benefits of reporting.

                  OCC Compliance and Community Affairs Senior Deputy Comptroller Grovetta N. Gardineer testified that artificial intelligence and machine learning provide opportunities to cut costs and better spot criminal activity. She recommended that Congress consider legislation that would:

                  • require regular review of BSA/AML regulations to identify those that might be outdated or burdensome; and

                  • amend the BSA's safe harbor rules to clarify that a financial institution can file a suspicious activity report without being exposed to civil litigation, and that information sharing between financial institutions will not incur liability.

                  FBI Criminal Investigative Division Section Chief Steven M. D'Antuono testified that criminals use opaque corporate structures to hide the true beneficial owners of assets. He identified the Treasury Department's recent Customer Due Diligence Rule as one step taken in response to that challenge.

                  Activities: 
                  AML Compliance
                  Regulated Entities: 
                  Banking Entities, Banking Organizations
                  Body of Law: 
                  AML
                  Jurisdiction: 
                  US - Federal
                  Organization: 
                  Comptroller, DOJ, FinCEN

                  Premium content

                  • Banking
                  • Anti-Money Laundering
                  • Public Law 107-56 - Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001
                  • Bank Secrecy Act Rules (31 CFR 1010-60)
                  • BSA Rule 1010.230: Beneficial ownership requirements for legal entity customers.

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                  Learn More

                  Documents for This News Item

                  • FinCEN Director Kenneth A. Blanco: Testimony before U.S. Senate Committee on Banking, Housing and Urban Affairs
                  • FBI Criminal Investigation Division Section Chief Steven M. D'Antuono: Tesitmony before U.S. Senate Committee on Banking, Housing and Urban Affairs
                  • OCC CCA Senior Deputy Controller Grovetta N. Gardineer: Testimony before U.S. Senate Committee on Banking, Housing and Urban Affairs

                  Related News

                  • Regulators Address Benefits of Banks Sharing Anti-Money Laundering Resources

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