Top banks, including Bank of America, will be part of a new government-led review of U.S. money-laundering rules, a top Treasury Department official said on Tuesday.
A group co-led by the director of Treasury's anti-money laundering agency, Jennifer Shasky Calvery, and Bank of America Corp executives will compare the actual risks in the financial system to the risks regulators have focused on, Calvery said in a speech at a trade conference.
The group will function as a subcommittee of the Bank Secrecy Act advisory group, a group of public officials and industry executives which advises Treasury on anti-money laundering compliance issues.
Other representatives from banks, broker-dealers and other financial institutions are expected to get involved with the new review, but the time frame for the review was unclear.
A Bank of America spokeswoman did not immediately respond to a request for comment.
Banks spend millions of dollars a year to comply with anti-money laundering rules,
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