WASHINGTON — While markets and stakeholders wait to see what comes of the new administration’s plans to scale back the Dodd-Frank Act, banks are pushing regulators to revisit the long-established procedures around anti-money-laundering.
In a position paper published Thursday by The Clearing House Association, which represents the largest banks, banking representatives called on lawmakers and regulators to rethink how banks combat money laundering and counter the finance of terrorism — known as AML/CFT compliance.
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