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Representatives of large U.S. banks voiced only limited support for an early draft of the U.S. financial intelligence unit's plan for allowing lenders and other businesses to employ new anti-money laundering strategies that fulfill the spirit, if not the letter, of the Bank Secrecy Act. The "no-action letter" plan, which the Financial Crimes Enforcement Network outlined in an advance notice of proposed rulemaking, or ANPRM, on June 6, would shield banks, money transmitters and other institutions from enforcement should they unintentionally violate AML rules while trialing an innovative approach to compliance with the bureau's prior knowledge. When applying for a no-action...