A brokerage firm petitioning the Supreme Court to review the power of the Securities and Exchange Commission (SEC) to enforce the Bank Secrecy Act (BSA) has received notable support from two former officials of the primary agency tasked with overseeing the anti-money laundering law.
Alpine Securities Corp. has challenged charges brought against it by the SEC in 2017 regarding violations of reporting requirements for filing suspicious activity reports (SARs) as required by the BSA. The firm is arguing the SEC is overstepping its bounds through its independent interpretation and enforcement of the law, which Congress entrusted to the Treasury Department.
