It’s time to modernize the Bank Secrecy Act.

The author argues on the need reform the Currency and Foreign Transactions Reporting Act of 1970, known as the Bank Secrecy Act to better fight money laundering and illicit financing in the U.S. Topics covered include the need to modernize the tools used to capture and prosecute 21st century criminals, and the struggle of financial institutions to serve their customers and fulfill its duties as defense against illicit finance, and a call to reduce reporting burdens for financial institutions.