Lawmakers and a former FBI director sharply criticized bank regulators Tuesday for their enforcement of the Bank Secrecy Act and other anti-money-laundering rules, saying it has become a rote exercise that adds burden to banks but provides little value to law enforcement officials.

“Regulators now have put the banks in a position where they are not necessarily going after that risk or putting metrics in place ... to deal with that high-risk, but they are more in the check the box mentality,” said former FBI Chief Dennis Lormel during a hearing at the Senate Banking Committee.

Even a well-known bank critic, Sen. Elizabeth Warren, D-Mass., said there is room to ease the burden on financial institutions while helping law enforcement.

“We need to do a lot more with our money laundering laws," she said. "I hope that we keep digging into this because I think we might be able to reduce costs for the banks and at the same time help law enforcement do this more efficiently."

Read more in American Banker.