Banks must now track illicit finance risks more closely

Regulators are tightening rules for how banks identify and manage the risks of money laundering and terrorism financing. This means banks will have to do more to detect suspicious transactions and report them to law enforcement.

This is part of a multi-year effort to modernize anti-money laundering rules. The goal is to make it harder for criminals to move money and to provide better information to national security agencies. It also shifts more responsibility for detection and reporting onto financial institutions.