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AML Compliance Official Calls on U.S. to Loosen Information Sharing Rules
By Matt Squire
printFederal regulators should loosen restrictions on the sharing of information in suspicious activity reports (SARs), says Bank of America's anti-money laundering compliance chief William Fox. Limits such as a rule prohibiting financial institutions from sharing SAR information with nonbank affiliates hinder banks' due diligence efforts, Fox said Monday at the American Bankers Association regulatory compliance conference in Atlanta. Under Section 314(b) of the Patriot Act, financial institutions can apply with the U.S. Treasury to share information with other institutions to identify and report on potential money laundering or terrorist activities. Rules set by the U.S. Treasury Department's Financial Crimes Enforcement...
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