Fed's Bies on Bank Secrecy Act & compliance

In a speech on 'Bank Secrecy Act and capital compliance issues' given on 14 March, Susan Schmidt Bies of the Federal Reserve said US regulators are drafting new guidelines for banks to comply with a law to stop money laundering.

The Federal Reserve and others are developing "more detailed uniform examination guidelines and procedures," Fed Gov. Susan Schmidt Bies said in the speech to a banking conference.

Bies's remarks concerned the Bank Secrecy Act, which directs banks to file reports about

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