The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) convened the 62nd semi-annual plenary meeting of the Bank Secrecy Act Advisory Group (BSAAG) in Washington today. Deputy Secretary of the Treasury Michael Faulkender addressed attendees, outlining principles for modernizing the Bank Secrecy Act (BSA).
During the meeting, FinCEN released its Year in Review for Fiscal Year 2024. This document provides insights into how BSA reporting aids investigations and prosecutions related to money laundering, terrorist financing, and other illicit financial activities. The review aims to enhance transparency about BSA data collection and usage, supporting law enforcement and national security efforts.
The report also details FinCEN's analysis of BSA data to support advisories and trend analyses that help disrupt illegal financial activities. This publication aligns with FinCEN’s commitment to share information on BSA reporting effectiveness, as outlined in Section 6201 of the Anti-Money Laundering Act of 2020.
The BSAAG serves as a platform for public-private collaboration among industry representatives, regulators, and law enforcement. It focuses on improving recordkeeping and reporting requirements under the BSA to benefit law enforcement and national security while minimizing regulatory burdens on financial institutions.
Deputy Secretary Faulkender's remarks at the plenary are available for viewing.
