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Issue of Interest: Money Laundering and USA Patriot Act
ABA Media Contact: Sarah Grano
(202) 663-5468
E-mail: sgrano@aba.com Last update: Sept. 14, 2011
The banking industry and the ABA are aggressively working with law enforcement officials across the country in response to the terrorist threat. Banking institutions provide information that helps authorities track the activities of terrorists, money launders and possible associates.
Banks are subject to strict anti-money laundering laws, including the Bank Secrecy Act of 1970, which created the record keeping and reporting requirement. It is a bank's responsibility to report all suspicious activity to law enforcement or be subject to fines of up to $1 million a day.
Bankers are strongly committed to protecting the privacy of their customers and the security of their data. If requested by law enforcement for customer information, banks will not release any information unless they have a subpoena or search warrant.
Press Releases
- Treasury, Justice Officials to Address Money Laundering Enforcement Conference (Sept. 14, 2011)
- ABA Testifies On Community Bank Access To Secondary Mortgage Market (June 28, 2011)
- ABA To Hold 22nd Annual AML Conference October 17-19 in Washington (Sept. 9, 2010)
ABA Correspondence and Testimony
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ABA House Testimony Urging Improvements to SAR Process (May 10, 2007) pdf
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Letter to Fed, FinCEN on Changing Wire Transfer Threshold (August 21, 2006) pdf
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Letter to Treasury on Plan to Collect Wire Transfer Data (August 2, 2006) pdf
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ABA Comments on FinCEN ANPR Regarding Access to Banking Services by MSBs (July 7, 2006) pdf
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Wayne Abernathy Testifies on Money Services Businesses (June 21, 2006) pdf
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Testimony on CTR Exemption for Seasoned Business Customers (May 18, 2006) pdf
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Brad Rock's testimony on Regulatory Relief; CTR reform on pg.7 (April 3, 2006)
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John Byrne's Testimony on Preventing Financial Crimes (May 26, 2005) pdf
- ABA Comment Letter to FinCEN regarding CTR overload (February 18, 2005) pdf
- ABA comments on OTS BSA paperwork estimate (February 14, 2005) pdf
- ABA letter to Treasury on bank examination procedures (September 21, 2004) pdf
- ABA Comment Letter to FinCEN regarding 2003-2008 Strategic Plan (August 21, 2003) pdf
- ABA Comment Letter to OFAC regarding Economic Sanctions Enforcement Guidelines (March 31, 2003) pdf
- ABA Comment Letter to Treasury Department regarding Patriot Act Task Force (January 23, 2003) pdf
- ABA Comment Letter to FinCEN regarding section 326 of USA Patriot Act(September 6, 2002) pdf
- ABA Comment Letter to FinCEN regarding section 314 of USA Patriot Act
(April 2, 2002) pdf - ABA Resource Guide: Identification and Verification of Account Holders(February 12, 2002) pdf
- Testimony of John J. Byrne on Money Laundering before the Committee on Financial Services, U.S. House of Representatives (February 12, 2002) pdf
- ABA Strongly Supports H.R. 3004, the "Financial Anti-Terrorism Act of 2001" (October 16, 2001) pdf
- Testimony of Edward L. Yingling on Money Laundering before the Committee on Financial Services, U.S. House of Representatives (October 3, 2001) pdf
More Resources
