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....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.