HALISTER1: U.S. Banks Said to Push for Easing Money Laundering Rules: Rtrs

U.S. Banks Said to Push for Easing Money Laundering Rules: Rtrs

(Bloomberg) -- The Clearing House to propose an overhaul of how financial institutions investigate and report potential criminal activity as soon as Thursday, Reuters reports, citing unidentified people familiar with the matter.
  • The group seeks a new system where banks don’t investigate, report every transaction that could possibly raise a red flag
    • Banks would instead focus on addressing specific concerns relayed to them by law enforcement
  • NOTE: The Clearing House, a banking trade group in New York and Washington, represents some of largest U.S. banks including Goldman Sachs, JPMorgan Chase & Co and Bank of America
  • New York Department of Financial Services, and representatives of Bank of America, Goldman Sachs and Citigroup declined to comment to Reuters
  • NOTE: Earlier, Wall Street Rule Changes Will Be Slow in Senate, Crapo Says
  • NOTE: Feb. 15, Trump Spells the End for Basel Bank-Capital Overhaul, Borg Says
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
BAC US (Bank of America Corp)
GS US (Goldman Sachs Group Inc/The)
JPM US (JPMorgan Chase & Co)

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