Fed Official Presses Industry On 'Staggering' Transaction Laundering Threat

A top Federal Reserve lawyer is sounding the alarm over trade-based money laundering, calling on banks across the globe to step up their efforts on the front lines of combating what has become a multi-trillion-dollar problem.

Speaking on Tuesday at a London meeting of risk and control professionals, Federal Reserve legal group executive vice president and general counsel Michael Held noted that although high-tech money laundering via digital currency often garners headlines, his main concerns were “less about the technological frontier, and more about well-established risks to the payment system.”

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