US regulators tackle unintended consequences of BSA enforcement
At a recent anti-money laundering (AML) conference in New York, US financial regulators conceded the enforcement of the Bank Secrecy Act (BSA) has produced negative, unintended consequences in the financial industry.
The industry has increasingly complained of the mounting burden of Bank Secrecy Act compliance, as well as the uncertainty of future requirements, especially in the filing of suspicious activity reports (SARs).
Seeing that regulators and law enforcement authorities have set a zero-tolerance level for SAR-filing deficiencies, banking organisations are concerned that in certain situations failing to file a SAR could result in a criminal prosecution. Some banks even believe they have to
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