Tag Archives: derisking

GAO Urges Regulators to Review Effects of BSA/AML Regulations

Confirming that the U.S.’ Southwest border is at high risk for money laundering activity, the Government Accountability Office found in a recent review that bank branches in that region filed more than twice as many Suspicious Activity Reports than banks in other high risk areas.

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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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