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U.S. Treasury Plan to Reduce AML Compliance Burden Encouraging, Bankers Say
By Matt Squire
printPlans to ease the burden of anti-money laundering regulation issued by Treasury Secretary Henry Paulson is encouraging, say banking industry observers, who believe it signals a first step toward further engagement with the industry. Paulson, speaking Friday at the Financial Crimes Enforcement Network's (FinCEN) Vienna, Virginia, headquarters, announced initiatives that include a more risk-based examination process and a narrower definition of the money services businesses (MSB) industry. "This is really the first time that this Treasury secretary has said that he wants the dialogue to get going," said Robert Rowe, regulatory counsel for the Independent Community Bankers of America, a...
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