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AML Needs Siphoning Resources from Other Compliance Areas, Bankers Say
By Matt Squire
printBank compliance officers believe that the amount of resources they must devote to anti-money laundering programs is hurting their institutions' efforts in other compliance areas. U.S. banks with more than $20 billion in assets are assigning an average 33 employees to fulfill their Bank Secrecy Act compliance obligations, according a survey released Sunday at the American Bankers Association Regulatory Compliance Conference in Atlanta. Nearly half of mid-sized banks -- with $1 billion to $19 billion in assets -- employ three or more dedicated BSA compliance professionals. Some 58 percent of nearly 500 compliance officers surveyed said their BSA compliance efforts...
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