BPI Responds to FinCEN Proposal to Combat Money Laundering with Enhanced Information Sharing

Washington, D.C. — Today, the Financial Crimes Enforcement Network announced a proposal for a new pilot program permitting financial institutions to share suspicious activity reports and related information with their foreign branches, subsidiaries and affiliates. BPI Senior Vice President, AML/BSA, Sanctions and Privacy, Angelena Bradfield, issued the following statement in response:

Today’s FinCEN proposal to establish a pilot program that would allow institutions to share SARs and related information with foreign branches, subsidiaries and affiliates will better position banks to detect and deter criminal activity. Banks serve on the front lines in the effort to combat money laundering, and BPI has long supported additional information sharing given the borderless nature of these crimes. We look forward to working with FinCEN as the rulemaking process proceeds and appreciate its attention to this important provision.


About Bank Policy Institute.

The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.

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