AML Rules Holding Up Loans

Some US banks are blaming federal AML rules in holding up loans; many have gone out with messaging that they are prioritizing existing customers when it comes to loan applications; Greg Baer, president of the Bank Policy Institute stated, “Small businesses and policymakers should understand that a primary reason most banks will be extending these loans only to existing customers is because the anti-money-laundering process is so onerous and time-consuming…Banks large and small have urgently sought relief from these requirements from day one, to no avail.” The source of tension is between the banks and the Financial Crimes Enforcement Network (Fincen); An application for a new borrower can take up to two hours of additional work with the verification of this information taking much longer. American Banker

  • Emily Donato

    With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.