William Barry commented on the recent appointment of Sigal Mandelker as director of the Treasury Department's Office of Terrorism and Financial Intelligence. Director Mandelker will oversee the Office of Foreign Assets Controls (OFAC), which implements U.S. economic sanctions and the Financial Crimes Enforcement Network (FinCEN), which leads the government's anti-money laundering (AML) efforts. Internationally, Mandelker may seek to influence how multi-national banks balance strict EU data-privacy requirements with U.S. AML requirements, Barry said. "What I'm seeing right now is an increase from the U.S. regulatory perspective in AML surveillance and enforcement, and at the same time a heightened focus on the EU side on data privacy," he said. Recognizing and balancing the competing agendas "will affect how the undersecretary moves forward with her agenda. It is incumbent on U.S. regulators to work with the banking industry to make sure banks are thinking carefully about how they can satisfy their obligations to both regimes."