The Federal Financial Institutions Examination Council of the US has issued a new manual gives regulators guidelines for measuring banks’ co...

The Federal Financial Institutions Examination Council of the US has issued a new manual gives regulators guidelines for measuring banks’ compliance with US suspicious activities and money laundering legislation. Although there are no new standards contained within the manual, the banking industry had sought a single set of rules to turn to with questions about money laundering and suspicious activity at banks. "Bankers and compliance officers around the country will be relieved to have one set of rules and interpretations that they and the agencies' field examiners can agree on," said John Byrne, regulatory compliance director of the American Bankers Association. "This should go a long way toward achieving consistency in the interpretation and enforcement of our anti-money laundering laws," said Mr Byrne in a statement. Federal banking agencies will begin using the manual in the third quarter of 2005.