News

Federal examinations of the systems and controls banks employ against financial crime remain "dysfunctional" three years after Congress directed the Treasury Department and federal regulators to reform them, a trade group representing the largest lenders in the U.S. has alleged. Regulatory demands for auditable results have led to a "check-the-box, documentation-focused regime" that requires banks to consume immense resources investigating millions of mostly legitimate transactions instead of developing and supplying higher-quality leads to law enforcement, the Bank Policy Institute told lawmakers in a statement this month. "The largest firms collectively spend billions of dollars each year," the BPI said in...