Davis Polk AML/CTF head Dan Stipano was quoted on potential AML reforms in MoneyLaundering.com from a panel at the Association of Certified Anti-Money Laundering Specialists’ “Assembly Hollywood 2025” conference.

The article noted that Treasury Secretary Scott Bessent announced that as many as 15 federal rules and issuances of guidance face elimination.

“There are plenty of rules that you could get rid of that are not going to really make much of a dent,” Dan explained.

Discussing how the Federal Reserve and the FDIC have begun to remove all mentions of “reputational risk” from their manuals and guidance, Dan said, “Deleting all references to the term may miss the point, however, as the tendency of banks to withhold services to customers they view as inherently high risk is primarily driven by cost considerations.”

“U.S. Financial Services Industry Expects More AML Reforms in Near Future,” MoneyLaundering.com (May 20, 2025) (subscription required)

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