News

Banks should look closely at the anti-money laundering risks of some of their political action committee clients as Congress considers legislative recommendations to combat campaign finance abuses, say consultants. The recommendation, one of several submitted in April by the Federal Election Commission (FEC) that is expected to be considered by Congress this session, would increase the agency's authority over how members of political action committees (PAC) use campaign funds. The proposal includes amending language in the Federal Election Campaign Act to extend a prohibition on the personal use of campaign funds by all political committees, including PACs. The recommendations follow...