Oh, gee, I’m sure that’s a bill Donald Trump will definitely veto! //

Exclusive: Big U.S. banks to push for easing of money laundering rules

Exclusive: Big U.S. banks to push for easing of money laundering rules https://t.co/bPqyQMrOxY

— Reuters Business (@ReutersBiz) February 16, 2017

America’s largest banks are to propose a complete overhaul of how financial institutions investigate and report potential criminal activity, arguing that rules imposed in the years after the Sept. 11, 2001 attacks and strengthened during the Obama administration are onerous and ineffective, sources said. The Clearing House, a trade association representing the largest U.S. banks including Goldman Sachs (GS.N), JPMorgan Chase & Co (JPM.N) and Bank of America (BAC.N), has long raised concerns about the effectiveness of the current rules, but this will be the first time the group has publicly called for them to be revamped.

The proposal, which could be published as soon as Thursday, will set the stage for an intensive lobbying effort targeting bank regulators and members of the Senate and House of Representatives finance committees. President Donald Trump has said he wants to cut costly regulations for Wall Street.

To keep drug traffickers and terrorists from laundering money through the U.S. financial system, federal law mandates that bank employees file a Suspicious Activity Report (SAR) with authorities if they suspect transactions could be part of a crime.