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Proposed FinCEN Budget Cuts Could Complicate State AML Exams
By Brian Monroe
printA proposed funding cut that would restrict some governmental access to a U.S. Bank Secrecy Act database could also make it harder for state examiners to vet banks and money services businesses, say critics of the plan. The potential cuts, intended to trim $1.4 million from the Financial Crimes Enforcement Network's annual budget, would also "put a new burden" on state regulators that depend on access to the bureau's database of anti-money laundering (AML) regulatory filings, said John Ryan, the executive vice president in the legislative affairs division for the Conference of State Bank Supervisors (CSBS). State bank examiners would...
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