Anti-money laundering rules to harm or help?

At what point is enough enough? That's what some bankers are wondering when it comes to complying with federal laws aimed at thwarting money laundering. According to the Miami Herald, Treasury Department and the Federal Reserve Bank officials have recently stressed "that combating money laundering remains a top government priority and that agencies will be looking more closely for evidence of money laundering in trade financing, stored value cards, which are similar to anonymous debit cards, and correspondent banking. They also warned that financial institutions should not allow their anti-money laundering programs to be weakened as a result of budget cuts and reductions in staffing."

This is not going over so well in some quarters, but you would be foolish to think that the regulations will be weakened anytime soon. You can only make so much of a stink before you start to look un-American. This calls for subtle lobbying, if any. 

For more:
- here's the article

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