Bank Secrecy Act: What the Board Should Know

Executive Summary Originally enacted in 1970, the Bank Secrecy Act (BSA) received relatively little regulatory attention for many years.  Following September 11, 2001, the BSA Act was amended and compliance became one of the biggest areas of concern for banks and their regulators.  Most banks then found it necessary to expend significant resources to enhance or even rebuild their BSA programs. In the past few years, bank regulators have had to focus on other matters, including residential and commercial loan concentrations, adequate capitalization, and even bank failures.  Banks also wisely have focused on these matters during these difficult economic times. …

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John ReVeal