One of the key responsibilities of state and federal regulators is to help maintain the public’s trust in the nation’s financial system. One of the key ways they go about maintaining this trust is by preventing bad actors and illicit funds from using banks and financial companies to move money.

But here’s the thing about bad actors; just because there’s a law on the books and a cop on the beat doesn't means they stop trying. As laws get implemented and regulators monitor the system, financial criminals come up with new and creative methods to avoid detection.

So regulators need to be nimble and adaptive. And, every so often, they need Congress to pass laws to give them more tools and methods to do their job right.

Today, we talk about a law Congress recently passed to help fight financial crime. And we focus specifically on how a few simple changes are helping state regulators, federal regulators and banks team up to protect the financial system.