A congressional proposal to overhaul U.S. anti-money laundering and counterterrorist financing rules saw a mixed reception from lawmakers and industry groups in a hearing Wednesday. Draft legislation circulated this week by Reps. Steve Pearce (R-NM) and Blaine Luetkemeyer (R-MO) would raise the thresholds at which financial institutions must report cash transactions and suspicious activity to the Treasury Department from $10,000 to $30,000 and from $5,000 to $10,000 respectively. Senior compliance officers, AML professionals and members of the House Financial Services Committee broadly praised the bill’s overall intent to upgrade and streamline Bank Secrecy Act reporting requirements, but questioned specific provisions....
print