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FinCEN Must ‘Reclaim’ Examination Authority, Overhaul AML Rules: Industry Panel

By Valentina Pasquali

The U.S. financial intelligence unit should "reclaim" sole authority for examining multinational banks that present national security implications and require them to submit a broader set of raw data tied to suspicious transactions, an influential industry group said Thursday. Those are among eight total recommendations proffered in a 29-page report by the Clearing House to overhaul the U.S. anti-money laundering regime, which, according to the group, often provides only limited benefit to criminal investigations and national security efforts and sometimes even works against those goals by compelling banks to "de-risk." "The best outcome would be to have bulk data deposited...

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