New US AML laws due
WASHINGTON, DC -- New anti-money laundering procedures are expected from US bank regulators in 2005, according to Herbert Biern, senior associate director at the division of banking supervision and regulation at the Federal Reserve in Washington DC. Biern was speaking at a hearing into the Iraq Food-for-Oil programme before the committee on international relations in the US House of Representatives in mid-November.
Biern said federal banking agencies, the Financial Crime Enforcement Network (FinCEN) and state bank supervisors have been collaborating to develop a single set of Bank Secrecy Act/anti-money laundering examination procedures. This is viewed as a "critical initiative in the area of safety and soundness examination." A 'core' section will be used as a platform for the examination, or it may constitute the entire examination for a very low-risk organisation. A set of 'expanded' procedures will be
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