Maybe it's the thing you're supposed to say when you get a new job and have responsibility for a lot of people. Still, it was a good thing to hear from FinCEN's new director in her debut speech at a D.C. money laundering conference.
A U.S. Treasury Department proposal to toughen customer due diligence obligations for banks would increase compliance costs while providing only minimal benefit to law enforcement, according to industry comment letters.
The U.S. Treasury Department said Wednesday that it was considering imposing customer due diligence currently applied to private banking and correspondent accounts to all accountholders at depository institutions.