Federal Reserve Governor Jerome Powell said the central bank “places great importance” on fighting money laundering and terrorist financing.
“When we find problems at a supervised institution, we demand specific corrective measures, by specific dates, and we take strong enforcement actions when necessary,” Powell said in the text of remarks to be delivered to the Senate Banking Committee tomorrow.
“We will continue these efforts and work cooperatively with law enforcement and other financial regulators to ensure a coordinated response to the threat posed by illicit financing to the U.S. financial system,” Powell said in the remarks, which were obtained by Bloomberg News.
Powell said the Fed “places great importance” on making sure banks comply with the Bank Secrecy Act and U.S. economic sanctions.
To contact the reporters on this story: Caroline Salas Gage in New York at email@example.com; Cheyenne Hopkins in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Chris Wellisz at email@example.com