Collaborative Gatekeeping. Professors Stavros Gadinis and Colby Mangels have highlighted the success of the anti-money laundering regime in the United States that relies on communication channels between regulators and financial institutions. By incentivizing these institutions to submit suspicious activity reports by offering reduced liability or even legal immunity, regulators gain an important ally in the fight against financial fraud. Can you think of any potential problems with such a regulatory regime? Can this approach easily be exported to other areas of financial regulation?