The Financial Crimes Enforcement Network (FinCEN) is seeking comment on ways to modernize the Bank Secrecy Act (BSA) ahead of a report Treasury Secretary Janet Yellen must provide Congress by Jan. 1, 2022.
The report is mandated under the Anti-Money Laundering Act of 2020, which became law in January as part of the National Defense Authorization Act for Fiscal Year 2021. In the report, Yellen must share the findings of a formal review into BSA regulations and related guidance, including administrative and legislative recommendations.
