A massive overhaul of U.S. financial regulations proposed by Treasury Secretary Henry Paulson likely will lead to more consistency in anti-money laundering examinations, compliance experts say. The "Blueprint for Financial Regulatory Reform," unveiled by Paulson on Monday, would expand the oversight power of the Federal Reserve, consolidate the Securities and Exchange Commission and the Commodity Futures Trading Commission and eliminate the Office of Thrift Supervision. The Office of the Comptroller of the Currency would assume the operations of the OTS. Banks and thrifts are currently regulated by one of four federal agencies: federally-chartered banks by the OCC; federally-chartered savings and...
The aim of the restructuring proposal is to focus the Treasury's agencies primarily on financial soundness, consumer and investor regulation and overall market stability, Treasury Department Under Secretary Robert Steel said Thursday at the New York Society of Securities Analysts.
Treasury Secretary Henry Paulson, speaking Friday at the Financial Crimes Enforcement Networks headquarters, announced initiatives that include a more risk-based examination process and a narrower definition of the money services businesses industry.
Henry Paulson, at a meeting scheduled for Friday at the Financial Crimes Enforcement Networks headquarters, will disclose plans to improve risk-based exam procedures for institutions, people familiar with the matter said.