Federal U.S. regulators are encouraging depository institutions to come up with new approaches to combat money laundering and other illegal financial activity — and the agencies say they are eager to assist banks' efforts to innovate in that area.
The call for innovation around anti-money laundering (AML) compliance came in a joint statement from five top federal banking regulators: the Treasury Department's Financial Crimes Enforcement Network (FinCEN), the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency (OCC).
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