The Supreme Court on Monday turned down a bid by a brokerage firm petitioning for review of the Securities and Exchange Commission’s (SEC) power to enforce the Bank Secrecy Act (BSA).
Alpine Securities Corp. is challenging 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 has argued the SEC is overstepping its bounds through its independent interpretation and enforcement of the law, which Congress entrusted to the Treasury Department.
