GAO Studies, Committee Hearings Give Clues on Forthcoming AML Legislation

By Rachael Lee Coleman and Selina Román

John Byrne knows what's happening on Capitol Hill. For the senior vice president of anti-money laundering strategy at Bank of America, monitoring congressional activities may be the most important part of his job. Investigations, reports and hearings conducted by U.S. lawmakers enable Byrne, a 22-year American Bankers Association veteran, to prepare his financial institution for emerging money laundering trends and impending regulatory changes. "If I am tasked to protect my financial institution, part of the process is following Congress," Byrne said Tuesday at an anti-money laundering conference in Hollywood, Florida. He knows, for example, that no final action will be...