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NR 2013-178
Contact: Robert Garsson
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Comptroller of the Currency Discusses Bank Secrecy Act

WASHINGTON -- Comptroller of the Currency Thomas J. Curry told a conference on money laundering enforcement that the Bank Secrecy Act is a key element in the fight against illegal drugs and terrorism, and said meeting the challenges of the future will require increased diligence on the part of the industry and government alike.

The development of new payment systems, including digital currencies, creates special challenges, he said in a speech to a conference sponsored jointly by the American Bankers Association and the American Bar Association.

However, “the same technologies that can be exploited for illicit purposes can also be employed to combat money laundering, terrorist financing, and other forms of illicit activity,” he added.  “Perhaps the time has come to explore these sources of technology as a means of providing more accurate, timely, and better information to law enforcement and regulators, and to reduce the significant costs and burdens imposed on banks and other financial institutions.”

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