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CSBS John Ryan Statement on ILLICIT CASH Act

Washington, D.C. – Statement from CSBS President and CEO John Ryan on the ILLICIT CASH Act, S. 2563: 

“CSBS applauds the efforts of Sens. Warner, Cotton, Jones and Rounds for their leadership and engagement with state regulators in drafting the ILLICIT CASH Act.  

The ILLICIT CASH Act is a strong, forward looking bill that modernizes the Bank Secrecy Act (BSA) and our regulatory approach to anti-money laundering (AML). The bill recognizes the valuable role of state regulators in fighting financial crime and improving our BSA/AML regime. 

State regulators have a broad, unique perspective of BSA/AML risks. Unlike any single federal regulator, most state regulators oversee multiple financial intermediaries in the U.S. payments system, including banks and money services businesses (MSBs).  

And state regulators are critical in BSA supervision. For example, they conducted approximately 1,600 BSA exams at state-chartered banks in 2018 alone, and they are the primary regulators of MSBs. 

State regulators stand committed to continuing our work with Congress, FinCEN, federal regulators and law enforcement to better protect our citizens and financial system from bad actors.”  

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