The Financial Crimes Enforcement Network (FinCEN) convened the 62nd semi-annual plenary meeting of the Bank Secrecy Act Advisory Group (BSAAG) and announced the release of its Year in Review for Fiscal Year 2024, providing information and statistics on the usefulness of Bank Secrecy Act (BSA) reporting. The plenary also featured remarks by US Deputy Secretary of the Treasury Michael Faulkender setting out guiding principles for BSA modernization. The Year in Review is positioned as a transparency measure on the collection and use of BSA data, including how FinCEN supports law enforcement and national security agencies and how it analyzes BSA data to develop advisories, trend analyses, and other actions intended to disrupt illicit finance. FinCEN linked the publication to Section 6201 of the Anti-Money Laundering Act of 2020, while reiterating that the BSAAG serves as a public-private forum for industry, regulators, and law enforcement to discuss BSA administration and identify ways to improve recordkeeping and reporting to enhance utility while reducing unnecessary regulatory burden.
Financial Crimes Enforcement Network 2025-06-18
Financial Crimes Enforcement Network publishes Fiscal Year 2024 Bank Secrecy Act Year in Review at 62nd BSA Advisory Group plenary
FinCEN held the 62nd semi-annual plenary of the Bank Secrecy Act Advisory Group and released its Year in Review for Fiscal Year 2024, highlighting BSA reporting's utility. The review emphasizes transparency in BSA data usage, supporting law enforcement and national security, aligning with Section 6201 of the Anti-Money Laundering Act of 2020. US Deputy Secretary of the Treasury Michael Faulkender outlined principles for BSA modernization during the plenary.