Bank Secrecy Act
Coverage of Bank Secrecy Act in the Nexus archive.
- US regulators push user ID requirements for stablecoin issuers akin to regulated banks
US government agencies proposed rules requiring stablecoin issuers to implement customer identification programs under the Bank Secrecy Act, aligning them with requirements for regulated financial firms.
- Federal Reserve Moves to Close Stablecoin Loopholes With New Customer ID Rules
The Federal Reserve proposed new customer identification rules for payment stablecoin issuers, aligning them with anti-money laundering standards applied to traditional banks. The rules, part of regulatory efforts under the Genius Act signed by President Trump in July 2025, require stablecoin issuers to collect customer details like legal names and government IDs. Federal Reserve Governor Michael Barr highlighted risks such as reserve asset quality and regulatory arbitrage, urging detailed rulemaking to address gaps.
- Treasury expands bank data-sharing rules tied to Trump immigration crackdown
The Treasury Department expanded bank data-sharing rules to support Trump's immigration enforcement efforts, allowing banks to rapidly share information about suspected customers and flag signs of undocumented status. The changes, framed as anti-fraud measures, include real-time information sharing and broader criteria for reporting, such as use of individual taxpayer identification numbers (ITINs).
- Final Defendant Sentenced in $3 Million Bank Fraud Conspiracy Investigation
The final defendant in a $3 million bank fraud conspiracy targeting a Morris Bank branch in Gray, Georgia, was sentenced to prison for cashing checks in violation of the federal Bank Secrecy Act. The case is part of an FBI investigation into the fraud scheme.
- Crypto, Banks, Policy Experts Press Congress to Modernize Bank Secrecy Act
A House subcommittee hearing revealed disagreement among cryptocurrency, banking, and policy experts regarding modernization of the 1970s Bank Secrecy Act anti-money laundering law. The debate intensified as the Trump administration moves to expand the law's reach. Stakeholders are divided on how significantly the outdated legislation should be scaled back.
- Trump executive order to stop short of requiring banks to collect citizenship information
President Trump signed an executive order aimed at addressing undocumented immigrants in the U.S. financial system, but backed away from requiring banks to collect citizenship information after industry pushback. Instead, the order directs Treasury Secretary Scott Bessent to advise financial institutions on immigration-related risks and work with regulators to strengthen customer due diligence requirements.
- Congress, close the crypto crime gap — before criminals get there first
Americans lost nearly $21 billion to fraud in 2022, with cryptocurrency-related scams being the largest contributor. The article urges Congress to close regulatory gaps by applying anti-money laundering and Bank Secrecy Act standards to digital asset platforms, similar to traditional banks.