Trump Unlikely To Ease AML Burden, Say Experts

Trump Unlikely To Ease AML Burden, Say Experts

February 22, 2017, Payments Compliance

Michael Nonaka is quoted in a Payments Compliance article regarding financial crime regulation under President Trump amid Dodd-Frank reforms. According to Nonaka, “The conversation around deregulation hasn’t touched on anti-money laundering and terrorist financing compliance and enforcement.” The “strong nexus with law enforcement and border protection,” is why AML will likely remain outside the scope of any de-regulation program, he says. “It is consistent with President Trump’s campaign message and approach to a number of issues since his inauguration that anti-money laundering compliance and enforcement won’t necessarily be scaled back; it may even be built up more.”

Nonaka also notes that it is “hard to speculate” how the de-risking issue will develop under Trump “because it is a banking agency issue and committed to the agency’s supervisory direction.” He adds, “It is actually one of the areas where de-regulation and law enforcement collide, where you have broader efforts to de-regulate banks but also a potential increase in AML enforcement and regulation for law enforcement and border protection purposes.”