{"id":5713,"date":"2019-12-05T10:17:08","date_gmt":"2019-12-05T15:17:08","guid":{"rendered":"https:\/\/charityandsecurity.org\/?p=5713"},"modified":"2020-03-05T17:08:22","modified_gmt":"2020-03-05T22:08:22","slug":"csn_letter_senators_npo_bank_access","status":"publish","type":"post","link":"https:\/\/charityandsecurity.org\/news\/csn_letter_senators_npo_bank_access\/","title":{"rendered":"ILLICIT CASH Act Introduced in Senate"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-1\"><p>After circulating a discussion draft for several months, the Senate introduced its version of a Bank Secrecy Act bill with the <a href=\"https:\/\/www.congress.gov\/bill\/116th-congress\/senate-bill\/2563\/text\">ILLICIT CASH Act<\/a> (S. 2563) on September 26, 2019.<\/p>\n<p>Congressional efforts to update the Bank Secrecy Act could help nonprofit organizations (NPOs) that face increasingly urgent problems with transferring funds across borders. The Senate version contains preambulatory language addressing the need to enable money flows overseas for humanitarian aid. It cites data from our 2017 study of <a href=\"https:\/\/charityandsecurity.org\/csn-reports\/finaccessreport\/\"><em>Financial Access of U.S. Nonprofits<\/em> <\/a>and emphasizes the risk-based approach to regulation that Charity &amp; Security Network and its allies have recommended.<\/p>\n<p>A March 4, 2020 <a href=\"https:\/\/charityandsecurity.org\/wp-content\/uploads\/2019\/12\/FINAL-Leave-behind-on-ILLICIT-CASH-Act-March-2020.pdf\">letter to senators<\/a> expresses support for provisions on derisking and makes recommendations to strengthen them. In particular, the letter urges the bill to require federal annual training for bank examiners, to require Treasury to submit a strategy on reducing derisking and its adverse consequences, and incorporate the concept of effectiveness into the bank examination process.\u00a0 (<a href=\"https:\/\/charityandsecurity.org\/news\/house-passed-bill-orders-report-on-derisking\/\">A related bill<\/a> has passed the House of Representatives.)<\/p>\n<\/div><div class=\"fusion-text fusion-text-2\"><div id=\"content\" class=\"column\" role=\"main\">\n<div id=\"content-inner\">\n<article class=\"node-1715 node node-news view-mode-full clearfix\">\n<div class=\"field field-name-body field-type-text-with-summary field-label-hidden\">\n<div class=\"field-items\">\n<div class=\"field-item even\">\n<p>The letter concludes by stating, \u201cIn updating the BSA, we encourage the Senators to take a comprehensive approach that establishes a framework based on a proportionate, risk-based approach that facilitates use of transparent and regulated financial channels while minimizing the risk of derisking.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38,5],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ILLICIT CASH Act Introduced in Senate - Charity &amp; 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