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A U.S. agency's finding that federal guidance issued in 2011 should have been crafted as a rule echoes compliance officers' longstanding concerns that regulatory expectations too often evolve into unofficial requirements, sources told ACAMS moneylaundering.com. The guidance, SR 11-7, which the Federal Reserve issued in April 2011 in conjunction with a companion bulletin from the Office of the Comptroller of the Currency, advises banks to maintain and test the policies and controls that underpin their quantitative risk assessment models, including those built to meet "regulatory reporting requirements." On Oct. 22, the Government Accountability Office determined that SR 11-7 is an...