Cozen O’Connor: Money-Laundering Rules Ripe for Overhaul, Bank Group Says

Money-Laundering Rules Ripe for Overhaul, Bank Group Says

Thursday, February 16, 2017

Nicole Sprinzen, a member of Cozen O'Connor's White Collar Defense & Investigations Practice, discusses how money-laundering rules are ripe for an overhaul in The Wall Street Journal. The methods banks are required to use to prevent money laundering and terrorism financing need drastic change, according to a report from a trade group representing the largest U.S. commercial banks. The report also calls for data sharing between the private sector and government agencies. Under the current framework, financial institutions keep data in-house, reviewing, analyzing and reporting on concerns when finding something suspicious. The report recommends shifting that responsibility to government, allowing for a “freer flow of information” between law enforcement and private banking institutions, said Nicole. This is a concern, she said, because it raises a data-privacy issue, with law-enforcement getting an easier route to private banking information. “You can’t minimize how important those issues are,” said Nicole.

 To read the article, click here.

Contacts

Nicole H. Sprinzen

Vice Chair, White Collar Defense & Investigations

nsprinzen@cozen.com

(202) 471-3451

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