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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Executive Summary Originally enacted in 1970, the Bank Secrecy Act (BSA) received relatively little regulatory attention for many years.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 ReVealis the Financial Institutions Group’s lead regulatory and compliance lawyer in Bryan Cave LLP’s Washington, D.C. office. He leads the firm’s retail banking team and is co-chair of the firm’s payments team. He advises banks and other financial services providers on consumer compliance, bank and thrift powers, federal preemption, exportation of rates and charges, anti-money laundering and anti-terrorism financing regulations and financial institution licensing.