Responding to a barrage of criticism from banks, the Treasury Department said this week it will back off from a controversial money-laundering proposal.

The industry fervently opposed an agency proposal in early September that would exempt banks from filing currency transaction reports on established customers if the bank collects annual deposit and withdrawal data.

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.