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Banking Lobby Calls for Overhaul of FinCEN, BSA Enforcement

By Matt Squire

The country's largest banking association proposed a sweeping overhaul of U.S. anti-money laundering enforcement that would create a governmental entity responsible for overseeing Bank Secrecy Act compliance. The proposal, made public Thursday, includes five recommendations intended to scale back the compliance costs of banks and revamp the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN), which has become more of a "data conduit than a true buffer" between financial institutions and law enforcement, the American Bankers Association said. To better protect banks, lawmakers should create a Bank Secrecy Act (BSA) "gatekeeper" that would take up FinCEN's responsibilities of issuing regulations...

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