Most U.S. financial institutions are not prepared to comply with anti-money laundering requirements on automated clearing house transactions set to take effect in less than a year, say consultants.
Bank and credit unions have an additional six months to reformat how they process transactions as part of an effort to enforce government blacklists, the National Automated Clearinghouse Association
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.
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