U.S. officials pledged Tuesday to do away with redundant anti-money laundering requirements and provide additional insights into financial institutions' examinations, vetting of outside vendors, and testing of Bank Secrecy Act models. Those plans are part of efforts by the Office of the Comptroller of the Currency, Federal Reserve, Federal Deposit Insurance Corp. and Treasury Department to update the 1970 law that underpins the U.S. AML regime and thus reduce the compliance burden on the financial services industry. Federal regulators and officials want to "rethink the entire regime," Noah Bishoff, director of regulatory policy for the department's Financial Crimes Enforcement Network...
The U.S. financial intelligence unit should be more consistent in apprising financial institutions of how often their regulatory filings contribute to opening or advancing federal investigations and prosecutions, a government watchdog said.
The U.S. financial intelligence unit is launching a review of data it collects from financial institutions pursuant to the Bank Secrecy Act, a senior Treasury Department official said in a congressional hearing Thursday.
A U.S. agency's finding that federal guidance issued in 2011 should have been crafted as a rule echoes compliance officers' longstanding concerns that regulatory expectations too often evolve into unofficial requirements, sources told ACAMS moneylaundering.com.