Taskforce Sees Need to Extend AML Duties, Strengthen Safe Harbor Protections: U.S. Treasury Official

By Kira Zalan

The United States should shore up safe-harbor protections for banks and extend new anti-money laundering duties to check cashers, credit card systems operators and others, a U.S. taskforce has found. The recommendations stem from a 2012 initiative to review the efficacy of the Bank Secrecy Act, said David Cohen, the U.S. Treasury Department's under-secretary for terrorism and financial intelligence, during a speech Monday at the ABA/ABA Money Laundering Enforcement Conference in National Harbor, MD. The group is calling on lawmakers to clarify, in the wake of conflicting court rulings, that banks are not legally liable for filing suspicious activity reports...