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New Administration and Congress May Mean More Compliance Burden
By Matt Squire
printBanks should expect more governmental oversight of financial crime controls under a Democratic administration and Congress, despite renewed industry calls for regulatory relief, say observers. With the incoming Obama administration and 111th Congress set to focus on improving the credit and mortgage markets, financial lobbyists' calls for Bank Secrecy Act (BSA) reform are likely to fall on deaf ears, according to Peter Djinis, a former executive assistant with the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN). Congressional bills introduced in 2007 and 2008 that would reduce bank regulatory filings related to anti-money laundering compliance are also unlikely to be...
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