The FDIC is seeking to conduct a survey on the costs of compliance with anti-money laundering and countering the financing of terrorism regulations, according to a notice published today in the Federal Register. The survey will seek information on the direct compliance costs incurred by banks and, to the extent such expenses overlap with those of other activities (such as fraud and credit card monitoring), the amount attributable to AML/CFT compliance. The request must first be approved by the Office of Management and Budget.
Participation in the survey will be voluntary, according to the notice. The information gathered will help assess the cumulative impact of Bank Secrecy Act/CFT regulations, “and may inform efforts to adjust regulatory obligations in accordance with safety and soundness principles and advance deregulatory proposals consistent with the executive orders of the Trump administration.”
Editor’s note: This story has been corrected since publication to state that the FDIC is seeking approval to conduct the survey.
