The U.S. Senate Banking Committee is expected to hold a hearing soon on anti-money laundering issues, according to people familiar with the matter, as the area is getting more scrutiny by U.S. enforcement authorities and regulators.
A hearing could come in early March and include testimony from representatives of the Office of the Comptroller of the Currency, the Federal Reserve, the Treasury Department and the Federal Deposit Insurance Corp, one source said.
U.S. regulators have been cracking down recently on lapses at banks on their anti money-laundering controls.
The OCC and the Fed earlier this week ordered JPMorgan Chase & Co to improve its compliance with the Bank Secrecy Act and anti-money laundering requirements after finding deficiencies in the bank's program.
Banks are supposed to flag suspect transactions from sanctioned countries or those from customers with ties to drug trafficking or terrorism.
HSBC Holdings Plc agreed in December to pay $1.9 billion to
This article is only available in full to Compliance Complete
North America Subscribers who are logged in.
Please log in to see if you can view this content.