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Report: Losses from strict cross-border banking regulations top $38 billion

Over-regulation slowed U.S. employment growth by 285,000 jobs from 2012 to 2018

McALLEN, Texas (Border Report) — Aggressive overregulation of cross-border banking regulations between the United States and Mexico is costing billions of dollars in lost funds between the two countries and is doing little to stem the flow of illegal currency that is laundered every year, according to a recent report.

Regulations and enforcement on banking institutions, particularly those transferring funds between the United States and Mexico, contributed to a cumulative U.S. gross domestic product loss of $38.3 billion, or $5.5 billion per year, from 2012 to 2018, according to a report released by the Texas Association of Business.

The report, “Anti-Money Laundering Regulation, Correspondent Banking and the Adverse Economic Effects for the U.S.-Mexico Bilateral Relationship,”

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