Tag Archives: derisking

Florida Banker: BSA/AML Rules Must Change with the Times

The regulatory framework put in place to prevent money laundering and stop the financing of terrorist activity should be updated to reflect the changes that have taken place over the past several decades, banker Lloyd DeVaux, president and CEO of Sunstate Bank in Miami, Fla., said today in a hearing before the House Financial Services Committee.

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Luetkemeyer Calls for End to OCC’s ‘Choke Point’ Involvement

In a letter to the OCC yesterday, Rep. Blaine Luetkemeyer (R-Mo.) took the agency to task for its continued involvement in the Department of Justice’s Operation Choke Point, which seeks to curtail disfavored businesses by working through regulators to pressure financial institutions to end customer relationships.

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OCC to Issue ‘Best Practices’ Guidance on AML/BSA Risk Management

In response to the “derisking” trend in anti-money laundering and Bank Secrecy Act compliance, the OCC will soon issue guidance that articulates its expectations for banks to routinely evaluate risk in their foreign correspondent banking portfolios, Comptroller of the Currency Thomas Curry said today.

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Global Regulatory Coordinators Continue Moves to Stem ‘Derisking’

The Basel, Switzerland-based Financial Stability Board published a report recently outlining steps taken in response to a decline in the number of worldwide correspondent banking relationships -- a sign of “derisking” as banks respond to stepped-up regulatory focus on anti-money laundering compliance.

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