Mmastodon BusinessBanking first seen 2 d ago, last 2 d ago, peak #2
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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