Fed’s AML plan may mean ‘inconsistent’ supervision
Industry groups says Fincen should have co-ordinating role
Two financial lobby groups have warned that the US Federal Reserve’s proposal to amend anti-money laundering and countering the financing of terrorism rules may lead to inconsistency in implementation of the Bank Secrecy Act.
In a letter dated September 8, the Bank Policy Institute and the Clearing House Association said they welcomed the Fed’s July 9 proposal to revise AML/CFT rules. However, the letter added that the proposal left a “crucial gap” by failing to give the US Treasury’s financial
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