In addition, if this  2  BIS Review 43/2005  framework is implemented, we intend to allow an extended transition period to minimize the potential burden and cost of changing to a new system. The comment period ends on June 30, and we will review the public comments carefully. Bank Secrecy Act Another issue of importance to bankers is the Bank Secrecy Act.
We in Washington fully appreciate that a few high-profile companies have drawn considerable public attention to the issue of compliance with this act and that expectations for compliance are not limited to very large institutions. You too are bearing the burden of new statutes and regulations and the costs of implementing effective compliance programs.