A plan to streamline Bank Secrecy Act compliance for financial institutions is getting mixed reviews a year after its initiation, with some representatives of banks saying that it has produced too few tangible results. Henry Paulson, the U.S. Treasury Department secretary, announced the initiative on June 22, 2007 in an effort to reduce costs for financial institutions complying with anti-money laundering (AML) regulation. The plan called for a more tailored definition of money services businesses and a risk-based examination process. The Treasury Department also said it planned to work on a new chapter of U.S. code that would consolidate AML...
The U.S. Financial Crimes Enforcement Network has proposed amending Bank Secrecy Act regulations to reduce the paperwork banks do to exempt certain customer transactions from currency transaction reporting rules.
Treasury Secretary Henry Paulson, speaking Friday at the Financial Crimes Enforcement Networks headquarters, announced initiatives that include a more risk-based examination process and a narrower definition of the money services businesses industry.
Henry Paulson, at a meeting scheduled for Friday at the Financial Crimes Enforcement Networks headquarters, will disclose plans to improve risk-based exam procedures for institutions, people familiar with the matter said.