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Terrorist Financing Complicates Planned BSA Reporting Overhaul

By Fred Williams

The U.S. Treasury Department wants to revise the decades-old dollar amounts that trigger reports under the Bank Secrecy Act upward without losing potential insight into the finances of terrorism, which often occur at low values, a federal official told ACAMS moneylaundering.com. Building and administering a federal database of beneficial owners as mandated by the Anti-Money Laundering Act of 2020 still tops the list of priorities at Treasury's Financial Crimes Enforcement Network, Jay Song, director of the bureau's Office of Compliance, told attendees of the ACAMS annual conference in Florida. The AML Act also requires FinCEN to modernize the thresholds above...

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