Donald Trump · US Congress · White House · North Korea · Decrypt
Crypto, Banks, Policy Experts Press Congress to Modernize Bank Secrecy Act
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Crypto executives, policy researchers, and national security experts testified before a House subcommittee on Thursday on how to modernize anti-money laundering laws for an era of AI and digital assets.
Key facts
- Subcommittee Chairman Warren Davidson (R-OH) opened by calling the BSA a "bloated surveillance machine demanding endless reports without delivering proportional results," noting institutions file
- The Bank Secrecy Act is the backbone of U.S. anti-money laundering law, requiring banks and crypto firms registered as money services businesses to file suspicious activity reports, currency
- Today the reporter chaired the Financial Services Subcommittee on National Security & Illicit Finance
- TRM's Global Head of Policy testified today before the House Financial Services Subcommittee on 𝐌𝐨𝐝𝐞𝐫𝐧𝐢𝐳𝐢𝐧𝐠 𝐭𝐡𝐞 𝐁𝐒𝐀 𝐟𝐨𝐫 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐂𝐫𝐢𝐦𝐞 𝐢𝐧 𝐭𝐡𝐞 𝟐𝟏𝐬𝐭 𝐂𝐞𝐧𝐭𝐮𝐫𝐲
Summary
TRM Labs' Ari Redbord told a House subcommittee that the Bank Secrecy Act is "structurally incapable" of keeping pace with AI-enabled financial crime. The hearing came two days after Trump signed an executive order expanding BSA customer due diligence rules to flag accounts tied to undocumented immigrants. Witnesses were split between full repeal, targeted reform, and modernization with stronger information-sharing. The House Financial Services Committee's National Security, Illicit Finance, and International Financial Institutions Subcommittee held a hearing on Modernizing the BSA for Financial Crime in the 21st Century, revisiting the Bank Secrecy Act, the 1970 law that requires banks and financial institutions to report suspicious activity and large transactions.