FinCEN Files Shows Regulatory and Privacy Concerns with the Bank Secrecy Act and the Necessity for Reform or Repeal

Last month, BuzzFeed News published a report that alleged that banks sat on their hands while criminals laundered trillions of dollars over two decades. In the wake of the scandal, commentators have contended that reform is needed. While reform is needed, the report suggests the banks followed the letter of the law—that law being the Bank Secrecy Act and its respective regulations.