Thursday, October 16, 2008

ABA on Anti-Money Laundering Agency

The American Bankers Association is calling for an independent federal "gatekeeper" organization to help monitor, prevent, and detect money laundering, and various other illegal financial activity. In keeping with news regarding the presidential election on everyone's mind, ABA President, Edward Yingling, remarked, as reported here, that:

"Improving the effectiveness of our efforts against financial crime needs to be a key part of the next president's regulatory reform agenda"

The ABA would like the government to start cracking down more on individuals participating in illegal activity rather than focusing in on banks and similar organizations who have to wade through a myriad of laws that can sometimes be confusing. They are requesting for a streamlined organization to help reduce costs, since as a KPMG report conducted last year informed, compliance with anti-money laundering schemes was 71% higher for the industry from 2004 to 2007.

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