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Bank Secrecy Act: Compliance Issues

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
An overview of how federal bank regulatory agencies examine banks for Bank Secrecy Act (BSA) compliance and the available enforcement actions or other measures regulators may take when compliance deficiencies are identified.
The article from Reuters discusses the evolving landscape of Bank Secrecy Act (BSA) compliance as of 2025, highlighting several key issues and trends. It notes an increase in regulatory scrutiny and enforcement actions, with a particular focus on the use of advanced technologies like AI and machine learning to enhance compliance efforts. The piece outlines the challenges financial institutions face in adapting to new regulations, such as the Corporate Transparency Act, which requires reporting of beneficial ownership information. It also covers the ongoing debate about the effectiveness of current BSA/AML (Anti-Money Laundering) programs, suggesting that while technology offers significant improvements in monitoring and reporting, it also brings new complexities and potential risks. Additionally, the article touches on the importance of robust training programs for employees, the need for a risk-based approach to compliance, and the potential for regulatory changes that could further impact how financial institutions manage their BSA obligations.

Read the Full Reuters Article at:
[ https://www.reuters.com/practical-law-the-journal/transactional/bank-secrecy-act-compliance-issues-2025-03-01/ ]