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AML Departments Face Job Cuts as Mortgage Crisis Widens
By Matt Squire
printAs more and more financial institutions rocked by the deepening mortgage crisis announce painful job cuts, anti-money laundering compliance officers must take quick action to protect their departments, compliance consultants say. "It's time for compliance divisions to prove their worth and see how they can make themselves more efficient," said Ellen Zimiles, chief executive officer of Daylight Forensic & Advisory, a compliance consultant in New York. Surging mortgage defaults have sent the banking industry reeling in recent months forcing billions of dollars in write-downs. On Tuesday Citigroup Inc., the latest victim of the crisis, said posted a $9.83 billion fourth-quarter...
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