U.S. Banks Struggle to Comply with Worldwide Data Regulations

U.S. banks are struggling to comply with new regulations both here in the U.S. and in Europe; U.S. regulators are requiring banks to obtain more information related to anti money laundering and Europe regulators are requiring banks with EU customers to comply with GDPR; Fincen, the U.S. regulator responsible for overseeing new rules related to AML has delayed a portion of their rule as banks were struggling to reach the deadline; banks are trying to understand how best to set up systems to handle both regulations as they need top handle different requirements simultaneously. Source.