Chuck Schumer: “I would like to clarify with Chairman Sarbanes my understanding of the provision in Title III, the anti-money laundering…”

“I would like to clarify with Chairman Sarbanes my understanding of the provision in Title III, the anti-money laundering provisions in the antiterrorism package, entitled ``Section 314. Cooperative Efforts to Deter Money Laundering''. As the Chairman is well aware, Section 314(b) is intended to address concerns about regulatory barriers that stand in the way of developing efficient mechanisms and services that financial institutions can use to fulfill their regulatory compliance obligations. The regulations to be issued by the Secretary, and potentially by bank and thrift regulators as well, could further this purpose by reconciling rules that could be interpreted in a way that places conflicting burdens on financial institutions. Does that comport with the Chairman's understanding of the intent of the provision and how that intent could best be carried out by the regulators?”