By SARAH BETH FELIX, Special Correspondent
THE U.S. OCC (Office of the Comptroller of the Currency) has just gotten rid of the annual mandatory data collection from community banks under the MLR (Money Laundering Risk) System.
The organization said there are “alternative, less burdensome” ways of assessing community banks’ money laundering risks. It said, therefore, that the MLR System is “no longer necessary”.
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