A Treasury Department official has warned that provisions of Florida’s “anti-woke” banking bill–and others like it–may “materially undermine” financial institutions’ compliance with federal anti-money laundering and countering the financing of terrorism (AML/CFT) laws and U.S. sanctions.
Brian Nelson, Treasury under secretary for terrorism and financial intelligence, wrote in a July 18 letter that a new batch of state laws attempt to redefine “unsafe and unsound” banking practices in a way that conflicts with federal laws.
