PORTFOLIO BSA/AML guidance: Reading between the lines Compliance New BSA and AML guidance from Congress and federal regulators pushes for innovation. By Colleen Morrison hen Congress and regulators deliver consistent input on a fi nancial services topic, it sends a clear signal to community banks: Pay attention. Such is the case with recent activity in Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance. In late November 2018, the Senate Committee on Banking, Housing, and 32 Q ICBA Independent Banker Q April 2019 W Quick stat $25.3B AML compliance costs U.S. financial firms pay each year Source: LexisNexis Risk Solutions Urban Aff airs held a hearing dubbed " Combating Money Laundering and Other Forms of Illicit Finance: Regulator and Law Enforcement Perspectives on Reform. " Just two business days later, a joint agency statement led by the Financial Crimes Enforcement Network (FinCEN) was issued to " encourage banks and credit unions to take innovative approaches to combating money laundering, terrorist fi nancing, and other illicit fi nancial threats. " This focus on innovation off ers a new bent on BSA and AML guidance, and directly references key technologies, including artifi cial intelligence