Treasury: Small banks to get a break |
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Fri, 22 Jun 2007 17:04
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VIENNA, Va. (AP) - The Treasury Department will work with banking regulators to craft an anti-money-laundering plan that puts less of a burden on small banks.Treasury Secretary Henry Paulson announced the effort on Friday.Federal provisions aimed at helping the government catch terrorist financiers, drug lords, money launderers and other criminals currently apply to both large and small banks alike.Some small banks, though, say compliance with these provisions can be burdensome and costly.'An institution with minimal to no international business that serves only a handful of communities does not share the same risk profile as a bank that does business around the world in many currencies,' said a statement from the Treasury Department's financial crimes enforcement network.Over the coming months the Treasury Department and regulators will work 'to translate this concept into more concrete practice,' the department said.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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