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Merging Banks Shouldn’t Skimp on AML, Say Consultants
By Matt Squire
printBanks that merge or consolidate risk regulatory reprimands if they choose to scale back their anti-money laundering protections in the process, say consultants. As the mortgage market has collapsed and credit dried up, U.S. banks have merged 131 times year-to-date, according to Charlottesville, Virginia-based financial data company SNL Financial. Among the more recent actions, JPMorgan Chase acquired Washington Mutual on September 26 and Wells Fargo bought Wachovia Corp. on October 3. While these and other mergers may bring up opportunities for banks to consolidate their Bank Secrecy Act compliance programs, such moves may mean monetary penalties should institutions opt to...
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