Hearing on Bank Secrecy Act and Anti-Money Laundering Regulations
January 1, 2018
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The Frame
This hearing examines how federal anti-money laundering regulations affect the operational costs and compliance burdens for banks and credit unions, which can influence the availability and cost of financial services for consumers.
Potentially affected actors named in the source documents. Mention is not a position.
Financial Institutions
Banks and credit unions must implement and maintain compliance programs to meet BSA/AML regulatory requirements.
Government Regulatory Agencies
These agencies oversee the enforcement of BSA/AML compliance and utilize data provided by financial institutions.
Last recorded activity January 1, 2018.
Next step not available in the current record.
Summary
Key Facts
- The hearing took place on June 28, 2017, in the Rayburn House Office Building.
- The hearing focused on the 'BSA/AML Regulatory Compliance Regime', which governs how financial institutions detect money laundering and terrorist financing.
- Four witnesses provided testimony: Faith Lleva Anderson, Greg Baer, Lloyd DeVaux, and Heather A. Lowe.
- The subcommittee received written statements from the American Gaming Association, the American Land Title Association, and the Independent Community Bankers of America.
- The hearing was held under the 115th Congress, First Session.
Frequently Asked Questions
What is the purpose of the Bank Secrecy Act (BSA) and anti-money laundering (AML) rules?
Who testified at this hearing?
Why It Matters
This hearing examines how federal anti-money laundering regulations affect the operational costs and compliance burdens for banks and credit unions, which can influence the availability and cost of financial services for consumers.
News Coverage
Sponsors
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Focus on Regulatory Burden
The hearing title and opening remarks suggest a legislative focus on the operational impact of compliance rather than just the efficacy of crime prevention.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance60How much this matters to a regular citizen
- Controversy40Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz20Current news / social attention level
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