Susan Schmidt Bies: Bank Secrecy Act and capital compliance issues Remarks by Ms Susan Schmidt Bies, Member of the Board of Governors of the US Federal Reserve System, at the Institute of International Bankers Annual Washington Conference, Washington, DC, 14 March 2005. *  *  *  Good morning.
I want to thank you for the invitation to speak at the Institute's annual Washington conference. International banking organizations are playing an increasingly important role in the U.S. financial sector. Foreign banking organizations hold more than $ trillion in banking and nonbanking financial assets in the United States - making these organizations some of the biggest financial holding companies operating in this country.