US regulators unveiled a plan Tuesday to overhaul anti-money laundering rules, a move likely to be cheered by Wall Street as banks continue to rack up wins in their push for policy changes under the Trump administration. The proposed changes aim to streamline compliance requirements that banks have long argued are overly burdensome and costly.

Money laundering prevention has been a key focus for regulators since the 2008 financial crisis, with banks spending billions annually on compliance programs. The overhaul comes as part of broader efforts to reduce regulatory burdens on financial institutions, which have been a priority for the Trump administration. Banks have consistently lobbied for more flexible rules that would allow them to focus resources on higher-risk areas.

The proposal represents another victory for Wall Street in its ongoing campaign to reshape financial regulations. Industry groups have argued that current rules create unnecessary costs without significantly improving anti-money laundering efforts. The changes could potentially reduce compliance expenses for major banks while maintaining core protections against illicit financial activity.