U.S. Rep. Blaine Luetkemeyer (MO-03) issued the following statement upon conclusion of the Financial Institution and Consumer Credit Subcommittee hearing entitled “Examining the BSA/AML Regulatory Compliance Regime.”

“The goals of the Bank Secrecy Act and anti-money laundering (BSA/AML) legal regime are laudable: financial institutions and government agencies should work together to prevent money laundering and terrorist financing. However, aspects of this regulation have spiraled out-of-control and resulted in a breakdown between law enforcement, financial regulators, and institutions. The de-risking seen throughout the financial services space, in part because of BSA/AML regulation, actually increases risk to the system. We cannot afford to have an ineffective BSA/AML regime. Today’s hearing is the first step in a series to discuss improvements that could benefit law enforcement and financial institutions – while simultaneously creating a more effective BSA/AML regulatory construct.”