A House lawmaker is set to unveil a measure that would broadly expand anti-money laundering controls and require the U.S. financial intelligence unit to critique the findings of financial regulators. The bill, slated to be introduced by Rep. Maxine Waters (D-CA), would order federal banking regulators, the Securities and Exchange Commission and the Commodity Futures Trading Commission to give the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) data on their formal and informal enforcement actions. The bureau, which issues anti-money laundering (AML) rules and administers the U.S. database of regulatory reports on financial crimes, would identify "systemic or repeated...
At the same time that the nation's financial intelligence unit is readying unprecedented fines against compliance officers, the agency is facing stark questions about its enforcement efforts, including its hiring practices.
U.S. lawmakers called on regulators Thursday to review potential conflicts of interest involving third-party companies hired to evaluate banks' compliance with lending, capitalization and anti-money laundering rules.
Poor anti-money laundering controls on affiliates and problematic oversight allowed a global bank to process tens of trillions of dollars with little to no compliance checks, according to a U.S. Senate subcommittee.