Among the multiple challenges banks face in complying with the US’s anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations is the sheer load of work, time and money that is required.
In testimony to the House Financial Services committee on June 28, Greg Baer, president of The Clearing House (TCH) Association, said that the estimated cost of compliance for the largest US commercial banks, which the association represents, is expected to grow to more than $8bn in 2017.
