A joint Federal Reserve-Treasury Department effort to write new money-laundering rules has bankers expecting the worst.

As mandated by Congress last year, the rules will require banks to keep extensive records of wire transfers. A related regulation will require banks to tell the Treasury which of their customers are nonbank financial institutions.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.