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Regulators Say Some AML Efforts Suffer Budget Cuts, Press of New Regulation
By Kieran Beer
printJob cuts among the anti-money laundering staff of small to mid-sized financial institutions are prompting regulatory examiners to lower bank compliance ratings, federal regulators said at a conference Tuesday. At some banks with $1 billion in assets or less, "where there used to be at least a couple compliance people, there's one," said Timothy Burniston, assistant director of consumer and community affairs at the Federal Reserve Board. At other financial institutions, a person who previously only handled consumer compliance issues now has Bank Secret Act responsibilities as well, he said. "The result is a slipping compliance rating, from a one...
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