Justices Urged To Halt SEC's Bank Secrecy Act 'Power Grab'

By Jon Hill (July 21, 2021, 10:38 PM EDT) -- The U.S. Supreme Court is being asked again to rein in the power of the U.S. Securities and Exchange Commission, this time by a penny-stock broker that argues the securities regulator has "usurped" authority to enforce the Bank Secrecy Act, a key federal anti-money laundering law.

Alpine Securities Corp. on Monday petitioned the Supreme Court to take up its appeal challenging a 2017 enforcement action from the SEC that resulted in a $12 million fine for the Utah-based firm, which was accused of Exchange Act violations tied to serious alleged lapses in its suspicious transaction reporting.

The Bank Secrecy Act and...

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