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McWilliams: Agencies Encourage BSA/AML Innovation

Federal agencies should develop better ways to communicate the value of suspicious activity reports to the bankers that incur the costly burden of the reporting, FDIC Chairman Jelena McWilliams said.

Speaking in Washington, McWilliams noted that Bank Secrecy Act rules impose significant compliance costs on the entire financial system, though SAR information can help authorities detect and stop crime.

She noted that the FDIC has encouraged banks to evaluate innovative approaches to help reduce the cost of compliance.

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