Patterns of Abuse: Assessing Bank Secrecy Act Compliance and Enforcement, Hearing Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Thirteenth Congress, First Session on Examining Bank Secrecy Act Compliance and Enforcement, March 7, 2013 [open pdf - 32MB]
This is the March 7, 2013 hearing on "Patterns of Abuse: Assessing Bank Secrecy Act Compliance and Enforcement" held before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. From the opening statement of Chairman Tim Johnson: "Today we will assess large money center banks' compliance with U.S. anti-money laundering rules. Our financial system is a major target for those who want to conceal and move illicit funds since the dollar is the world's reserve currency. That is why strong AML [anti-money laundering] compliance coupled with tough enforcement is critical. In recent years we have seen major enforcement actions against a large number of global banks that allowed billions of dollars to flow through the U.S. financial system in a concealed way. They include ABN AMRO [Algemene Bank Nederland-Amsterdam Roterdam Bank], Lloyd's, Credit Suisse, Wachovia, Barclay's, ING [International Netherlands Group bank], Standard Chartered, and HSBC [Hong Kong and Shanghai Banking Corporation]. These banks violated the Bank Secrecy Act [BSA] and our sanctions rules against Iran, Cuba, and other countries in various ways, which cost the banks over $5 billion in fines and forfeitures. In addition, Citibank and JPMorgan Chase have been required to overhaul their BSA compliance systems in the face of major violations. […] We must do more to ensure that global banks, including their affiliates and branches who seek access to the U.S. system, have effective anti-money laundering systems in place. If the recent record of AML-related violations by U.S. banks is any indication, we clearly have a long way to go before that is accomplished. I hope today's hearing can advance the discussion of how to reach this goal." Statements, letters, and materials submitted for the record include those of the following: Davis S. Cohen, Thomas J. Curry and Jerome H. Powell.
S. Hrg. 113-10; Senate Hearing 113-10
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