By Meghan Sutherland CEO, FiVerity
At the 62nd plenary meeting of the Bank Secrecy Act Advisory Group (BSAAG), Treasury Deputy Secretary Michael Faulkender laid out a clear vision for modernizing the Bank Secrecy Act (BSA). His remarks emphasized not just regulatory change, but a fundamental shift in how public-private collaboration, risk management, and operational efficiency must converge to meet today's evolving threats.
At FiVerity, we couldn’t agree more. In fact, we’re already doing it.
“We recognize that there is an urgent need to modernize the implementation of the AML/CFT regime… so that it is effective, risk-based, and focused on the greatest threats to financial institutions and national security.” — Deputy Secretary Michael Faulkender
Financial institutions, particularly community banks and credit unions, are tasked with an impossible balance: keeping up with increasingly complex fraud and financial crime while managing compliance workloads, outdated systems, and limited budgets. Manual SARs, fragmented case data, and siloed communication slow down investigations and burden teams.
Meanwhile, fraudsters move fast. And they don’t act alone.
Yet institutions often do. They are isolated by legacy tools and regulatory pressure.
The Treasury recognizes this tension. As Deputy Secretary Faulkender put it:
“When evaluating the costs and burdens of a given regulatory action, we recognize both the direct and indirect costs, including the potential for unintended consequences and the burdens that it can place on the private sector.”
The call is clear. Institutions must be empowered to act faster and smarter, while regulators provide clarity, efficiency, and flexibility.
FiVerity doesn’t just align with this vision. We operationalize it.
Our Anti-Fraud Collaboration Platform was built to help institutions manage the exact tradeoffs the Treasury describes. We help financial institutions focus more energy on high-risk activities, reduce the burden of compliance, and work with peers and regulators to combat financial crime together.
Here’s how:
1. Risk-Based, High-Impact FocusTreasury emphasized the need to "direct more attention and resources toward higher-risk customers and activities." FiVerity surfaces the most critical signals by using internal alerts, transaction history, and cross-institution fraud patterns. This helps investigators spend less time on false positives and more time stopping real threats.
2. Streamlined Reporting That Works for Everyone“Treasury recognizes the burden this reporting imposes on industry and that it is critical for institutions to be able to direct their compliance resources towards the most significant threats to national security.”
The Treasury called for streamlining SAR and CTR reporting to reduce burden and increase value. Our solution automatically prepares enriched, high-quality SAR content from structured fraud intelligence, improving quality and reducing analyst time.
3. Enabling Public-Private CollaborationThe BSAAG was recognized as one of Treasury’s premier public-private partnerships. That model of cooperation is embedded into FiVerity’s design. Through secure, permissioned 314(b) collaboration and anonymized intelligence sharing, institutions can work together on suspicious activity without violating data privacy or compliance mandates.
4. Innovation Without ComplexityFiVerity removes the biggest barrier to innovation: integration complexity. Our embedded tool works with your existing environment without moving data or disrupting operations. It is fast, lightweight, and scalable, ideal for the community institutions that the Treasury elevated in its updated BSAAG structure.
“We’ve changed the membership to double the number of small community banks to reflect the Administration’s commitment of putting Main Street first.”
The Treasury’s remarks show a clear desire to evolve from reactive compliance toward proactive, efficient, risk-based programs. FiVerity was built to make that evolution possible today:
“A reinvigorated BSA system must recognize… that an approach for a large institution may be unnecessarily burdensome for a smaller one.”
We agree. That’s why FiVerity is built for all institutions, not just the largest ones with the biggest tech budgets.
BSA modernization is no longer a concept. It is underway. Institutions do not have to wait for final rule changes or sweeping reforms. They can begin today by partnering with platforms that reduce risk, reduce burden, and drive measurable impact.
FiVerity empowers your institution to modernize fraud defense and compliance without the cost and disruption of legacy solutions.
Let’s work together to turn BSA policy into progress.
Schedule a demo and see how FiVerity helps institutions meet modern mandates with speed, security, and impact.