Editor's note: Morning Scan will not publish on Monday, Feb. 20 in observance of Presidents' Day. We'll be back on Tuesday, Feb. 21.
AML reform urged: The Clearing House, a trade association that represents big banks including JPMorgan Chase, Citigroup and Bank of America, wants to "lessen the burden" on banks to track criminal activity and "put the responsibility to finding the bad guys back on the law-enforcement agencies," in the words of an industry consultant. In a report issued Thursday, the association recommended a stronger role for the U.S. Treasury's Financial Crimes Enforcement Network (Fincen), arguing banks are wasting billions of dollars "complying with outdated rules that don't reflect the current threats to the U.S. financial system," the Wall Street Journal said. Instead, the Clearing House "proposed a system under which banks don't report on every suspicious transaction they see, but only on those that reflect the priorities that law enforcement and investigators relay." Wall Street Journal, Financial Times