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Regulators See Ongoing Problems with Compliance Staffing, Suspicious Activity Monitoring
By Brian Orsak and Kira Zalan
printCORRECTION APPENDED: Financial institutions continue to struggle with hiring effective Bank Secrecy Act officers, allocating sufficient compliance resources and employing adequate internal controls, U.S. regulators said Tuesday. In a panel discussion at the ACAMS 13th Annual AML & Financial Crime Conference in Las Vegas, representatives of the U.S. Treasury Department, Federal Reserve Board and Federal Deposit Insurance Corp. (FDIC) outlined findings from recent anti-money laundering (AML) enforcement actions, including troubles stemming from the growth of the compliance market. Although many banks have sufficiently funded their Bank Secrecy Act departments, others continue to employ compliance officers who aren't able to manage...
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