In particular, I want to reaffirm the Federal Reserve’s commitment to Basel II and the need for continual evolution in risk measurement and management at our largest banks and then discuss a few key aspects of Basel II implementation in the United States.
Cooperation on anti-money laundering and counter-terrorist financing issues While not historically part of the U.S.-EU Dialogue, recent anti-money laundering and counter-terrorist financing regulatory initiatives on both sides of the Atlantic have had a significant impact on banking organizations, many of which operate globally. Because of the potential consequences of differences in regulatory approaches in this area, governments have been in frequent contact.