|
NEWS RELEASE 2007
ABA Media Contact: Jonathan Snowling
(202) 663-5468
E-mail:jsnowlin@aba.com
June 22, 2007
ABA APPLAUDS TREASURY EFFORTS TO IMPROVE AML EFFECTIVENESS
By Wayne Abernathy, executive director, financial institutions policy and regulatory affairs
"The American Bankers Association applauds Secretary Paulson's latest step to make the anti money laundering process more effective. The Secretary's plan rightfully places the focus on results in combating criminals and thwarting terrorists. The message cannot be missed that Treasury at the highest levels is working to strengthen the connection between resources used and the results produced.
"The banking industry has long been committed to a successful AML program. In the summer of 2005 we worked with Treasury to develop the plan to reduce excess currency transaction reports, which has passed the House of Representatives three times. This May the ABA testified to Congress urging action to improve the suspicious activity report process. In the next few weeks, ABA will appoint a blue ribbon committee of bank executives who will draw upon the deep experience of the banking industry to find ways to improve the effectiveness of AML efforts.
"Momentum is building to transform our AML program from a weighty compliance exercise into a vibrant partnership with a strong return in fighting crooks and terrorists. The ABA is eager to work with Treasury to provide our resources and talents to reinforce their efforts. We look forward to the continued work of the Treasury and other financial regulators to enhance the efficiency and effectiveness of AML activities."
# # #
Background:
In recent years the regulatory burden of AML has seen a dramatic expansion while the increase in results has been minimal. For example, the number of suspicious activity reports filed by depository institutions has grown from 81,197 in 1997 to 567,080 in 2006, a seven fold increase.
The American Bankers Association, on behalf of the more than two million men and women who work in the nation's banks, brings together all categories of banking institutions to best represent the interests of this rapidly changing industry. Its membership-which includes community, regional and money center banks and holding companies, as well as savings associations, trust companies and savings banks-makes ABA the largest banking trade association in the country.
| 
