Regulators To Revise Anti-Money Laundering Rules

Law360, New York (June 13, 2006, 12:00 AM EDT) -- Banking regulators will release a revised version of a manual aimed at curtailing money laundering later this summer, in a move that will clarify regulations and please bankers who had previously criticized bank secrecy and anti-money laundering rules as too vague.

“This is welcome news for bankers,” said John Hall, a spokesperson for the American Bankers Association. “Any time there’s ambiguity, it can cause unintended consequences.”

The revelation that the manual was being updated emerged during a speech delivered by Federal Reserve Board Governor Mark W....
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