Contending with a lengthy recession, some U.S. banks have fallen behind on their core anti-money laundering compliance duties, including risk ranking customers and reporting suspicious activity, say federal officials. Other compliance problems on the rise involve weak customer due diligence procedures and backlogs of alerts by transaction monitoring systems, said John Wagner, director of the Office of the Comptroller of the Currency's anti-money laundering (AML) enforcement division. Wagner made the remarks at the 15th Annual International Anti-Money Laundering Conference earlier this month. There has been "some slippage in AML," said Wagner, at the conference. "We are seeing an increase in...
In every longstanding relationship, there comes a point when both parties begin to question something they once thought they had agreed on. Talk to a Bank Secrecy Act officer at a conference, over dinner or in a bar and one point of friction with federal regulators inevitably becomes clear.
The White House proposed Monday trimming the U.S. Treasury Department's budget by three percent for the coming fiscal year, including a seven percent drop in funding for the country's financial intelligence unit.
Possible budget cuts for the U.S. financial intelligence unit are spurring concerns that the bureau may curtail its funding of the Internal Revenue Service's anti-money laundering examinations, say current and former federal officials.
Job 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.