Ahlulbayt News Agency: Two US lawmakers have stressed the need for American Muslims to get fair and equal access to banking.
The two US lawmakers have signed a letter calling on the heads of several government financial agencies to tighten regulations on financial crimes and safeguard against the discriminatory de-risking of Muslim American bank accounts.
Senator Elizabeth Warren and Representative Ilhan Omar signed the letter along with nine other colleagues, calling for changes in financial regulations that banks adhere to.
The recipients of the letter include Secretary of the Treasury Janet Yellen and Chair of the Federal Reserve Jerome H. Powell, as well as the heads of five other government agencies.
"We write to ask your agencies to take robust action to modernize anti-money laundering and financial crimes compliance obligations to protect and promote equitable banking access for Muslim Americans and immigrant communities," the letter reads.
In particular, the letter highlights the practice of de-risking, where banks terminate or restrict access to accounts.
The letter notes that this practice is "especially stark" for Muslim Americans, who are often deemed high-risk when sending payments and remittances abroad or to charities and religious institutions. This also has negative implications for countries that rely on such payments.
The letter also referred to a New York Times piece about the hundreds of reports it had received of customers of major American banks having their accounts shut down in a bid to stop suspicious activity.
As well as highlighting the issue, the letter contains six proposals that would "ensure all persons in the US are able to fully access and participate in our financial services system".
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The two US lawmakers have signed a letter calling on the heads of several government financial agencies to tighten regulations on financial crimes and safeguard against the discriminatory de-risking of Muslim American bank accounts.
Senator Elizabeth Warren and Representative Ilhan Omar signed the letter along with nine other colleagues, calling for changes in financial regulations that banks adhere to.
The recipients of the letter include Secretary of the Treasury Janet Yellen and Chair of the Federal Reserve Jerome H. Powell, as well as the heads of five other government agencies.
"We write to ask your agencies to take robust action to modernize anti-money laundering and financial crimes compliance obligations to protect and promote equitable banking access for Muslim Americans and immigrant communities," the letter reads.
In particular, the letter highlights the practice of de-risking, where banks terminate or restrict access to accounts.
The letter notes that this practice is "especially stark" for Muslim Americans, who are often deemed high-risk when sending payments and remittances abroad or to charities and religious institutions. This also has negative implications for countries that rely on such payments.
The letter also referred to a New York Times piece about the hundreds of reports it had received of customers of major American banks having their accounts shut down in a bid to stop suspicious activity.
As well as highlighting the issue, the letter contains six proposals that would "ensure all persons in the US are able to fully access and participate in our financial services system".
/129