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Bank Secrecy Act › Government Accountability Office

The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide... more +
The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide documentation to authorities for single transactions of more than $10,000 and report other suspicious account activity that could signify money laundering or other financial crimes. less -
Ballard Spahr LLP

GAO Report: DOJ Cannot Provide Meaningful Feedback on SAR Use

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How effective is the current framework for filing Suspicious Activity Reports, or SARs? The AML Act mandates that federal law enforcement agencies provide statistics to assist Congress, regulators, and financial institutions...more

Ballard Spahr LLP

Congress Tasks GAO to Study the Intersection of Money Laundering and Humanitarian Issues:  Human Trafficking and De-Risking

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Fifth Post in an Extended Series on Legislative Changes to BSA/AML Regulatory Regime - As we have blogged, the Anti-Money Laundering Act of 2020 (“AMLA”) makes major changes to the Bank Secrecy Act (“BSA”) and the U.S....more

Ballard Spahr LLP

GAO Urges Further Assessment of Derisking Concerns

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The U.S. Government Accountability Office (“GAO”) issued a statement earlier this week regarding testimony before the U.S. House of Representatives Subcommittee on Financial Institutions and Consumer Credit Committee on...more

K&L Gates LLP

Paying for the Wall: Will President Trump’s Administration Scrutinize, Tax, or Seize Remittances?

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One of the most significant post-election questions for the financial-services industry—particularly global financial institutions that move money across borders—is what is the status of President-elect Trump’s proposal to...more

Morrison & Foerster LLP

Financial Services Report, Fall 2015

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BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

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