• Big U.S. banks to push for easing of money laundering rules
    4 replies, posted
[quote]America's largest banks are to propose a complete overhaul of how financial institutions investigate and report potential criminal activity, arguing that rules imposed in the years after the Sept. 11, 2001 attacks and strengthened during the Obama administration are onerous and ineffective, sources said. The Clearing House, a trade association representing the largest U.S. banks including JPMorgan Chase & Co ([URL="http://www.reuters.com/finance/stocks/overview?symbol=JPM.N"]JPM.N[/URL]), Bank of America ([URL="http://www.reuters.com/finance/stocks/overview?symbol=BAC.N"]BAC.N[/URL]) and Citigroup ([URL="http://www.reuters.com/finance/stocks/overview?symbol=C.N"]C.N[/URL]), has long raised concerns about the effectiveness of the current rules, but this will be the first time the group has publicly called for them to be revamped. [/quote] source: [URL]http://www.reuters.com/article/us-usa-banks-moneylaundering-exclusive-idUSKBN15V1E9[/URL] Despite the title a lot of this is actually pretty reasonable, so read before going on a banks are evil rant.
[QUOTE=thelurker1234;51837080]Despite the title a lot of this is actually pretty reasonable, so read before going on a banks are evil rant.[/QUOTE] sounds like something the banks would say
[QUOTE=false prophet;51837108]sounds like something the banks would say[/QUOTE] Does being horribly courted and bribed by big banks count as PUI? if so I'm fucked aren't I.
SAR's are pretty difficult to trigger as is, like they really don't happen under normal money trades. I can see why waste is a concern, but at the same time it's also a big concern to not investigate into what could easily be money laundering. I'm sure it could be done better, so I guess we will have to see where this goes
[QUOTE=Trogdon;51837197]SAR's are pretty difficult to trigger as is, like they really don't happen under normal money trades. I can see why waste is a concern, but at the same time it's also a big concern to not investigate into what could easily be money laundering. I'm sure it could be done better, so I guess we will have to see where this goes[/QUOTE] yeah but until we get it right... who doesn't like a free-for-all rulesystem :buddy:
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