BSA debate hots up
New York – At a recent anti-money laundering (AML) conference in New York, US financial regulators conceded that the enforcement of the Bank Secrecy Act (BSA) has produced negative, unintended consequences in the financial industry.
William Fox, the director of the Financial Crimes Network (FinCEN), has urged banks to stop defensive filing of SARs because it is slowing down its investigative work.
Fox said at the Securities Industry Association (SIA) annual AML conference in New York that financial institutions are overreacting to AML enforcement actions and filing SARs routinely to avoid the risk of non-compliance with AML requirements.
"Defensive filing of SARs does not only slow our investigative effort, it also lowers
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