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FDIC, OCC Officials Say Cost Cutting is Undermining BSA Compliance
By Kieran Beer
printCost-cutting and consolidation among banks is undermining Bank Secrecy Act compliance at some financial institutions, according to bank regulators. "We've been concerned about the impact of the current financial crisis on BSA compliance," said Indira Crum, a Bank Secrecy Act (BSA) and anti-money laundering (AML) specialist at the Office of the Comptroller of the Currency (OCC). Crum made the remarks Wednesday at the 8th annual conference of the Association of Certified Anti-Money Laundering Specialists. "We're beginning to see some of the slippage manifest itself," she said. Among the factors Crum cited as undermining BSA compliance was the consolidation of compliance...
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