A view of the Goldman Sachs stall on the floor of the New York Stock Exchange in New York, U.S., July 16, 2013. REUTERS/Brendan McDermid
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America's largest banks are to propose a complete overhaul of how financial institutions investigate and report potential criminal activity, arguing that rules imposed in the years after the Sept. 11, 2001 attacks and strengthened during the Obama administration are onerous and ineffective, sources said.The number of suspicious activity reports rose from 669,000 in 2013 to almost a million in 2016, according to U.S. Treasury's Financial Crimes Enforcement Network (FinCEN), which enforces anti-money laundering rules and collects data on suspicious transactions from banks around the country.For international banks, the group will push for the U.S. Treasury's FinCEN to be responsible for investigating compliance, rather than the Office of the Comptroller of the Currency, a main bank regulator.Since FinCEN is already responsible for sharing threat data with law enforcement agencies, the agency will be better able to determine if banks are making a substantial contribution to law enforcement efforts, the bank group will argue.Just last month, the New York regulator imposed a new anti-terrorism regulation requiring banks to beef up suspicious activity reporting.
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