How Safe Is the Bank Secrecy Act Safe Harbor?

Abstract

The blurring of the lines between banks, insurance companies and broker‐dealers continues. As we go to press, yet another merger has been announced. The application of the Anti‐Money Laundering Act of 1992 to the securities industry becomes more and more obvious. This article explores the act with particular attention to the safe harbor, which exists to encourage banks (financial institutions) to report suspicious activity while hopefully falling under the protection of the Act, so as not to be exposed to civil liability.

Citation

SANTANGELO, B. and O'NEAL LORAH, T. (2000), "How Safe Is the Bank Secrecy Act Safe Harbor?", Journal of Investment Compliance, Vol. 1 No. 2, pp. 17-21. https://doi.org/10.1108/eb045874