Federal regulators encourage banks to innovate to protect against illicit activity
The Consumer Bankers Association called this action an important first step in improving the current BSA/AML regulations and guidelines.
“Giving banks the opportunity to innovate will help make our financial system more secure,” CBA President and CEO Richard Hunt said. “Criminals and terrorists are constantly evolving and using increasingly advanced methods to move money and finance their operations. It only makes sense for federal regulators to give financial institutions the ability to work toward staying a step ahead.”