On March 7th, the U.S. Senate Banking Committee held hearings entitled "Patterns of Abuse: Assessing Bank Secrecy Act Compliance and Enforcement." See Hearings Webpage (with links to archived webcast and witness prepared testimony). The hearings focused on recent high-profile enforcement actions against banks which allegedly violated U.S. anti-money laundering ("AML") laws. The Securities Industry and Financial Markets Association summarized the testimony, noting that the Treasury Department is preparing a proposed rule that would outline expectations for AML due diligence on customers of financial institutions.