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Overhaul of U.S. Financial Regulations Could Boost Consistency in AML Exams
By Matt Squire
printA 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...
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