The Federal Reserve is working closely, and will continue to work closely, with the staff of the Treasury Department responsible for anti-money-laundering and terrorist-financing enforcement, as well as with other bank regulatory agencies and the Justice Department, to support a fair, effective, and consistent approach to Bank Secrecy Act compliance.
The second time frame stated that by December 31, 1998, mission critical systems should be largely renovated with testing well underway so that the balance of testing and implementation could be accomplished in 1999.