Issues Year in Review for Fiscal Year 2024
WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) held the 62nd semi-annual plenary meeting of the Bank Secrecy Act Advisory Group (BSAAG). Deputy Secretary of the Treasury Michael Faulkender delivered remarks at the event laying out guiding principles for BSA modernization.
At the plenary, FinCEN also announced the release of its Year in Review for Fiscal Year 2024 , which provides information and statistics on the usefulness of BSA reporting. Financial intelligence generated by BSA requirements is a critical source of information used in investigations and prosecutions of money laundering, terrorist financing, and other illicit finance activity. The Year in Review provides transparency into the collection and use of BSA data, including FinCEN’s efforts to support law enforcement and national security agencies. It also includes information on how FinCEN analyzes BSA data to fulfill its mission, including to support advisories, trend analyses, and other actions to disrupt illicit financial activity. The publication of the Year in Review furthers FinCEN’s commitment to share information and statistics on the usefulness of BSA reporting, consistent with Section 6201 of the Anti-Money Laundering Act of 2020.
The BSAAG is a public-private partnership that convenes industry, regulators, and law enforcement for discussions regarding the administration of the Bank Secrecy Act (BSA), including how recordkeeping and reporting requirements can be improved to enhance utility to law enforcement and national security while reducing unnecessary regulatory burden on financial institutions.
View an excerpt of the remarks by Deputy Secretary of the Treasury Michael Faulkender at the BSAAG Plenary.
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