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US Treasury AML overhaul puts banks on notice

Original: As Treasury overhauls AML rules, banks need a new measure of success Regulators have an opportunity to create standards

The US Treasury is overhauling anti-money-laundering rules, and banking voices are arguing that banks need a new measure of success to go with it. Commentators say regulators have a chance to set standards that genuinely prevent financial crime, rather than rewarding institutions for simply documenting suspicious activity. The debate centres on whether revised rules can shift compliance from box-ticking to real detection.

Why now: The Treasury's AML rule overhaul is prompting banks and regulators to rethink how compliance success should be measured.

US TreasuryAmerican banksfinancial regulators

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Evidence

• As Treasury overhauls AML rules, banks need a new measure of success Regulators have an opportunity to create standards that will actually prevent financial crime rather than just documenting suspicious activity. https://www. americanbanker.com/opinion/as-… · AlexJimenez@mas.to · 1

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