The U.S. Treasury Department on Thursday published a plan to impose anti-money laundering rules on hundreds of financial institutions providing banking services in the United States without federal oversight or insurance. The proposal, pitched by the department's Financial Crimes Enforcement Network (FinCEN), would ensure "regulatory consistency and protection against systemic vulnerability" by explicitly requiring an estimated 740 state-chartered credit unions, trusts, banks and other institutions to draft internal policies, implement employee training and undergo independent audits aimed at preventing money laundering. Formal anti-money laundering (AML) program rules "would not be unduly burdensome" on covered institutions because they already must comply...
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