Biern on The Bank Secrecy Act & USA Patriot Act

In testimony 'The Bank Secrecy Act and the USA Patriot Act' given on 17 November Herbert Biern of the Division of Banking Supervision and Regulation said regulators believe that banking organizations have to take reasonable and prudent steps to combat illicit financial activities such as money laundering and terrorist financing, and to minimize their vulnerability to risks associated with such activity.

"The Federal Reserve and the other bank regulators view their supervisory roles as including

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