I will begin by describing our efforts to ensure banking industry compliance with the requirements of the Bank Secrecy Act (BSA) and the economic sanctions authorized by the President and Congress. I will also highlight some of the important actions we have taken to enforce the law and to promote safe and sound practices in this area.
Background Congress enacted the BSA in 1970 to help safeguard the U.S. financial system and our financial institutions from the abuses of financial crime, and has revised and strengthened the act many times since.