U.S. Banks Should Seek New Solutions - Not Reduced Expectations -In...

The Clearing House recently issued a report that proposed softening Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) regulations. The proposed revamp of rules at this time is both understandable and predictable. Fines totaling hundreds of millions of dollars are now commonplace. Reacting to increased regulations and related fines, covered financial institutions have been spending billions of dollars annually to reduce the like lihood of actions being taken against them. Despite increasing regulatory burdens, growing fines, and requisite increases in compliance spending, the money laundering problem is not abating.