|
|
Article: Getting Closer to Clarity On Laundering Compliance.
- Article from:
- American Banker
- Article date:
- February 14, 2005
- Author:
CopyrightCOPYRIGHT 2005 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
WASHINGTON -- Bankers have been complaining for months that there has been a disconnect between the reassurances from officials here that anti-laundering rules would not be overzealously enforced and the actions of examiners in the field.
However, signs of possible changes surfaced last week.
On Wednesday, Treasury Secretary John Snow became the first high-level public official to acknowledge that there are problems with the current system, and he vowed to correct them.
Then on Friday the Financial Crimes Enforcement Network said it would expand its work force by 10%, including a fivefold increase in compliance division staffing. Industry ...