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AML Reform Debate Reaches US Senate
By Valentina Pasquali
printU.S. senators on Tuesday debated a possible revamp of the 1970 Bank Secrecy Act with an eye towards reducing the financial services industry’s regulatory burden and enhancing its ability to produce intelligence for law enforcement. In their first hearing of 2018, members of the Senate Banking Committee discussed proposals for fostering closer cooperation between anti-money laundering compliance staff and U.S. officials to help advance investigations of high-priority targets, such as terrorist financiers and human smugglers. “We are seeing how we try to move from a rules-based system to a more collaborative system,” Sen. Mark Warner (D-VA) said Tuesday. Industry perceptions...
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