Hearing Entitled: Modernizing the BSA for Financial Crime in the 21st Century

The GOP Financial Services Subcommittee held a hearing on May 22, 2026, titled "Modernizing the Bank Secrecy Act (BSA) for Financial Crime in the 21st Century." The hearing focused extensively on procurement-related topics such as the modernization of the BSA framework, including discussions on updating reporting thresholds for Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs), leveraging artificial intelligence and blockchain technology to improve financial crime detection, and reducing compliance burdens on financial institutions. Witnesses from the banking industry, policy institutes, and technology firms testified on the inefficiencies of the current AML regime, the need for risk-based approaches, and the importance of technological innovation. Several members emphasized the need for FinCEN to finalize rulemakings mandated by the Anti-Money Laundering Act of 2020 and to provide clearer guidance and oversight to banking examiners. The hearing also addressed concerns about privacy, surveillance, and the impact of deregulation efforts on law enforcement capabilities. No specific contract awards or procurement actions were discussed, but the policy and regulatory modernization efforts highlighted could influence future procurement and vendor opportunities related to AML technology and compliance solutions.