By AML Intelligence Correspondent
WOLFSBERG Group executive secretary Ned Conway today welcomed the major SARs reforms announced by the US Treasury.
Conway, when contacted by AML Intelligence for comment, also said he hoped the moves indicated further reforms were coming down the line.
“This action by the US Treasury confirms they are listening to industry, particularly on areas of possible over-compliance or misinterpretation of existing regulation, and ready to course correct to ensure both the banks and the examiners are on the same page,” he said.
“The impact of this clarifying guidance will be different for each financial institution, but ultimately everyone will be positively impacted in one area or another,” Conway said.
He also believed it would “lead to tangible resource gains that can now be applied to addressing areas of greater concern, including to tasks that provide higher quality information to law enforcement.”
The Wolfsberg Group chief said the reforms announced today showed that Treasury Under Secretary John Hurley was true to his word when he socialised to the industry last month his intention to cut red tape for banks.
“If anyone doubted the sincerity of the Under Secretary’s remarks a few weeks ago in Las Vegas – or by extension, doubted the sincerity of the US Treasury in being serious about AML reform – this guidance should put those doubts to rest. This is an important first step in hopefully more actions to come,” Conway added.
The Group is an association of 12 leading global banks whose aim is to develop frameworks and guidance for the management of financial crime risks.
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