The Dodd-Frank Act gets more attention when it comes to regulatory burden, but the Bank Secrecy Act and other anti-money-laundering statutes arguably present even more of a compliance challenge for bankers.
While Congress is close to a regulatory relief bill directed at changing Dodd-Frank, bankers are hopeful that lawmakers will next turn their attention to anti-laundering issues.
Former House Financial Services Committee Chairman Barney Frank has even suggested that some of the concerns about Dodd-Frank, a bill he co-authored, are misdirected.
"When people complain to me about [Dodd-Frank] these days, they're not really complaining about the bill I worked on,” Frank said in a recent interview. “They're complaining about the Bank Secrecy Act, the Patriot Act. ... A lot of the problems they have are from the sanctions, terrorism, money laundering business, and we didn't do anything about that.”
Read more in American Banker.