Current proposals to reform U.S. anti-money laundering requirements may result in modest improvements but fail to address the most serious shortcomings, say banking sources. U.S. lawmakers and regulators over the past year have debated how to streamline AML rules, including by raising the thresholds at which financial institutions must report cash transactions and suspicious transfers, mandating risk-based examinations and expanding mechanisms through which they share intelligence with U.S. officials and each other. These and other proposals, all of which inform several pending bills and an ongoing, Treasury Department-led review of the Bank Secrecy Act, or BSA, and the rules stemming...
Law enforcement agencies responded to less than 5 percent of all suspicious activity reports and currency transaction reports filed last year by several of the largest U.S. banks, according to an unreleased industry survey.
A pair of U.S. lawmakers introduced legislation that aims to streamline anti-money laundering reporting obligations for financial institutions, and increase their ability to exchange data throughout their global operations and with one another.
You could be forgiven for thinking - at least initially - that all the recent talk from the Clearing House about reframing U.S. anti-money laundering rules came from the same playbook as President Donald Trump's promise to lay waste to federal supervision of the private sector.