House bills would curtail data available for money-laundering probes, federal agencies protest

2 December 2018 9:48pm
House bills aimed in part at reducing small banks’ reporting burdens would make it more difficult to identify and prosecute money-laundering crimes, two federal agencies said today.

However, an official at a third agency, the US Comptroller of the Currency, told lawmakers that current thresholds for reporting suspicious financial transactions create a lot of “white noise” that isn’t useful to investigators.

Steven D’Antuono, who leads the financial crimes unit at the US Federal Bureau of Investigation, said criminals are increasingly using small-dollar amounts that might not be detected under higher thresholds.

“Criminals and terrorists are relying less on large transactions,” he told the Senate Banking Committee. “Today’s terrorists only need a couple thousand dollars to join terrorist networks abroad or just a few hundred dollars to conduct an attack here in the homeland.”