Mounting calls for the reform of the U.S. anti-money laundering legal and regulatory framework may yield only minor tweaks, even in President Donald Trump's more business-minded White House, say sources. The American Bankers Association, or ABA, wrote U.S. Treasury Secretary Steven Mnuchin last week suggesting strategies to streamline Bank Secrecy Act requirements and reduce compliance costs, including by standardizing examination procedures across federal agencies and updating the $10,000 filing threshold for currency transaction reports, or CTRs. "There is broad consensus among financial institutions that the billions of dollars spent annually on AML/CFT [combating the financing of terrorism] compliance programs-and the...
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