Fed's Bies on Bank Secrecy Act enforcement

In testimony on 'Bank Secrecy Act enforcement' given on 3 June, Susan Schmidt Bies of the Federal Reserve said the Federal Reserve has expanded its anti-money laundering program "dramatically" in the last 10 years and urged U.S. banks to take steps to reduce the risk.

This year, the U.S. central bank set up a section within its bank oversight division devoted to supervising compliance with laws to combat money laundering, Bies said in testimony prepared for delivery to the Senate Banking

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