Bank AML Officers Must Speak Up, Listen in Early Stages of Product Development

By Matt Squire

Anti-money laundering compliance consultant Frank Ewing remembers working with a bank that had rolled out a new product to allow its customers to send money back and forth to their families living in Mexico, Colombia and other countries. The bank issued two debit cards, both in the customer's name, and allowed for one to be shipped to, say, Mexico, recalled Ewing. The product had been available for almost eight months when Ewing's firm, AMLRightSource in Cleveland, was brought on as a consultant. The bank, which operated in a high intensity drug trafficking area, hadn't yet considered the AML risks of...