Banks welcome US overhaul of AML rules
Proposals signal shift to risk-based approach to financial crime detection
Banks have given a cautious welcome to US moves to overhaul the country’s approach to the enforcement of anti-money laundering (AML) controls. The proposal is viewed by lenders as an acknowledgment that the current system for stemming the flow of illicit finance isn’t working, and that it’s in need of reform.
The Financial Crimes Enforcement Agency (FinCen), a unit of the US Treasury, issued a proposed rule on September 17, calling on banks to develop “effective and reasonably designed” AML
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