CBA on Banking Regulators, FinCEN BSA/AML Statement

July 22, 2019
Nick Simpson

CBA on Banking Regulators, FinCEN BSA/AML Statement

 

WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt today issued the following statement after prudential banking regulators and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a statement on a risk-focused approach to Bank Secrecy Act and anti-money laundering (BSA/AML) supervision:

 

“CBA Member Banks are committed to working with regulators and law enforcement to deter financial crimes and commit significant resources toward that end. We support the working group’s efforts to collaborate across agencies to improve current BSA/AML regulations, and encourage the group to focus its efforts on those aspects of the current BSA/AML regulations and supervisory approach that are most burdensome and most outdated.

 

“We will also continue working with Congress on BSA/AML modernization efforts requiring Congressional action. One such example would be a centralized database of beneficial ownership information collected and verified by a government agency, which would help banks streamline the collection and reporting process and prevent potential bad actors from accessing the financial system.”

 

###

 

About the Consumer Bankers Association:

The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.