March 13, 2018 / 11:23 AM / 6 months ago

9th Circuit rejects bank's challenge to Bank Secrecy Act

A federal appeals court has rejected a California community bank’s challenge to the U.S. Bank Secrecy Act as unconstitutionally vague, saying a government manual clarifying the act is detailed enough to inform banks of required conduct.

In a decision on Monday, a three-judge panel of the 9th U.S. Circuit Court of Appeals also ruled the Federal Deposit Insurance Corp’s board was correct in issuing a cease and desist order against California Pacific Bank for failure to comply with the act.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2Ime7Lx

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