US Treasury withdraws flawed proposed changes to AML rules


WASHINGTON, DC -- The US Treasury has decided against changing customer identification requirements of the US Patriot Act’s anti-money laundering (AML) provisions, following a notice of inquiry in which the financial industry submitted more than 34,000 comments expressing intense opposition to the changes (see Operational Risk September 2003, page 13).

The Treasury’s proposed changes to Section 326 of the Patriot Act, which had already been finalised in May, would have required financial

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