When legislators passed Anti-money-laundering (AML) rules, they intended to modernize the AML landscape. Banks hoped the rules would be less burdensome and allow more flexibility on how to allocate their resources. But just last week, TD Bank agreed to pay $3 billion in penalties and limit its U.S. growth for failing to properly monitor and prevent cash deposits by Chinese criminals. This comes after the U.S. Treasury Department proposed new rules that would require banks to formalize the practice of conducting periodic risk reviews and to incorporate a set of national priorities into their AML programs. So far, industry groups argue that these proposed rules add unnecessary burden rather than increase the effectiveness of the existing framework. https://www.wsj.com/articles/u-s-anti-money-laundering-laws-are-outdated-regulators-are-struggling-with-how-to-modernize-them-d2304942?mod=risk-compliance_lead_story
U.S. Anti-Money Laundering Laws are Outdated
