AML Professionals Looking to Fed for Guidance on Risks of New Payment Systems

By Matt Squire

Banking compliance professionals are hoping that a regulatory task force led by the Atlanta Fed that is studying the possible risks associated with electronic payment systems will result in useful guidance for improving anti-money laundering programs. On March 18, Federal Reserve Bank of Atlanta official John Atkinson disclosed plans to form the multi-agency working group. The Electronic Payment Risk Forum will study any possible money laundering, payment, operational, legal, fraud and credit risks associated with these payments, Atkinson said. "It's very opaque and there's a lack of understanding," said one AML consultant. "There needs to be more transparency, and people...