The United States should overhaul its primary anti-money laundering law to allow government agencies and banks to better share data, a former U.S. State Department official told lawmakers Thursday.
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.
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