The FDIC has launched a survey on the costs of compliance with anti-money laundering and countering the financing of terrorism regulations, according to a notice published today in the Federal Register. The survey seeks information on the direct compliance costs incurred by banks and, to the extent such expenses overlap with those of other activities (such as fraud and credit card monitoring), the amount attributable to AML/CFT compliance.
Participation in the survey is voluntary, according to the notice. The information gathered will help assess the cumulative impact of Bank Secrecy Act/CFT regulations, “and may inform efforts to adjust regulatory obligations in accordance with safety and soundness principles and advance deregulatory proposals consistent with the executive orders of the Trump administration.”
The survey is available on the FDIC website. Responses must be submitted on or before Nov. 12.
