Deputy Secretary Faulkender Lays Out Guiding Principles for Bank Secrecy Act Modernization

WASHINGTON — Today, Deputy Secretary of the Treasury Michael Faulkender spoke at the 62nd Bank Secrecy Act Advisory Group (BSAAG)plenary meeting organized by the Financial Crimes Enforcement Network (FinCEN). At this public-private partnership event, Deputy Secretary Faulkender discussed the Trump Administration’s guiding principles for Bank Secrecy Act (BSA) modernization. Key Excerpts of Remarks as Prepared for DeliveryI want to clearly articulate the guiding principles that Treasury will continue to use to inform the Trump Administration’s regulatory agenda and its BSA modernization efforts. First, regulation should derive from a clear statutory mandate, including safety and soundness, mitigating material risk to financial stability, and consumer protection.Second, regulation should be efficient, striking an appropriate balance between costs and benefits.Third, regulation should be fair and objective, and there should be clarity and consistency in the industry across entities and time.Fourth, regulators themselves should be efficient in mitigating risk and in the use of taxpayers’ hard-earned dollars.