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U.S. Treasury Department Creates AML Taskforce to Evaluate Regulations
By Brian Orsak and Brian Monroe
printThe U.S. Treasury Department has launched a taskforce to evaluate the effectiveness of America's anti-money laundering regulations-the first ever such review of the 1970 Bank Secrecy Act and related laws. Disclosed Monday by the department's Undersecretary for Terrorism and Financial Intelligence David Cohen, the group will weigh whether technological and financial innovations merit policy and regulatory changes. As part of that effort, federal policymakers, financial regulators and enforcement agencies will review whether more companies should be regulated under anti-money laundering (AML) laws, Cohen said. Calling the effort a "major undertaking," Cohen noted that the last 40 years since the passage...
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