US watchdogs seek to govern bank AML systems as models

Banks fear prudential agencies’ move could hamper their own ability to fight financial crime

AML regulation

US regulators want banks to assess whether their anti-money laundering (AML) systems should be treated as models – and therefore subject to heightened scrutiny and governance standards. But many banks fear the move could slow down AML development – at the very moment the fight against financial crime demands an agile approach.

An April 9 inter-agency statement from prudential supervisors calls on banks to determine whether principles for model risk management, known as SR 11-7, should be

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