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Daniel P. Stipano Authored a Banking Exchange Article, "BSA Info Sharing Could be Greatly Improved"

Banking Exchange

Daniel P. Stipano

The Bank Secrecy Act regulatory regime depends heavily on the sharing of information—from financial institutions to the government, from the government to institutions, and from institutions to each other.

Robust information sharing better positions institutions to conduct customer due diligence; identify suspicious transactions; and file suspicious activity reports. This in turn enables law enforcement to obtain the information that it needs to conduct effective criminal investigations and prosecute money laundering and other financial crimes.

Notwithstanding this, key barriers inhibit information sharing.

Some, such as grand jury secrecy rules and classified information, are unavoidable. But other obstacles can and should be removed.

Law enforcement would receive more complete, accurate, and timely information. Financial institutions would be better able to deter illicit activity, as well as lower compliance costs.

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Originally published in Banking Exchange; reprinted with permission.

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