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In comments on the use of digital assets in illicit finance activities, the Bank Policy Institute and the American Bankers Association urged regulators to better understand the differences between risks associated with nonbank issued cryptocurrencies and stablecoins and traditional banking products and services.

At SIFMA's 2022 Anti-Money Laundering & Financial Crimes Conference, DOJ and Treasury executives focused their remarks on recent efforts to respond to Russia's invasion of Ukraine and the management of money laundering risks related to digital assets.

Commentary by Christian Larson

SIFMA, the Institute of International Bankers, the American Bankers Association and others ("trade associations") urged the U.S. House Committee on Financial Services (the "Committee") to amend the "outdated" and "inefficient" Bank Secrecy Act ("BSA") regulatory framework. In addition, the trade associations called for the Committee to create a federal registry of the beneficial owners of legal entities. The trade associations noted that the BSA regulatory framework is nearly 50 years old and "has not fundamentally changed since its adoption in 1970." The trade associations stated that the