The Bank Secrecy Act (BSA) regulations and the regulations regarding the filing of suspicious activity reports (SARs) are outdated and need to be updated to strengthen and modernize the anti-money laundering and countering the financing of terrorism (AML/CFT) program requirements for financial institutions and other entities and to protect consumers.
We support the proposed AML/CFT rule by the Financial Crimes Enforcement Network (FinCEN), but also urge additional steps to emphasize the importance of fraud prevention and fraud detection within the U.S. banking and payments system and ensure that vulnerable consumers are not excluded from the U.S. financial system.
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