ANALYSIS: Supreme Court Petition on AML Revives Old Debates

Sept. 3, 2021, 5:30 PM

Anti-money laundering enforcement actions end with settlements in the vast majority of cases, so judicial scrutiny of AML regulatory issues under the Bank Secrecy Act (BSA) occurs rarely. But remarkably, an AML enforcement action by the SEC progressed all the way to a petition to the Supreme Court in July. Oddly, a former director of the Financial Crimes Enforcement Network (FinCEN), the Treasury Department bureau primarily responsible for AML/BSA issues, has argued in an amicus brief that the SEC lacks legal authority to enforce the BSA.

A pivotal decision on the BSA may result if the Supreme Court grants cert, ...

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