Anti-Money Laundering Rules may hurt Banking

According to Florida bankers, too much government control regarding money laundering will hurt the banking system as it will become less competitive.

Good progress was achieved by international financial institutions in complying with United States government rules aimed at to combating money laundering. Participants at a Miami conference on money laundering said that, despite this, the United States government goes on developing stricter standards. However, these standards may damage banks’ competitiveness in the global financial market.

Florida Bankers Association’s 2-day conference in Miami was attended by about 900 people, including US and international bankers, attorneys and US government officials. The participants discussed issues connected with the complex legal and regulatory system established to fight money laundering.

The Florida International Bankers Association includes more than 70 member financial institutions from 18 countries.

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