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Banks Must Coordinate Monitoring for Corruption, Dirty Money: Former Citibank AML Head
printWith an increased focus on fraud and corruption investigations, financial institutions can't afford to silo their separate compliance efforts, according to Jane Wexton, president of Wexton Advisors, a New York-based consultancy. Anti-money laundering (AML) officers must work with compliance divisions focusing on fraud and the Foreign Corrupt Practices Act (FCPA), said Wexton, a former prosecutor for the New York County District Attorney's Office. In the case of the latter, violations can cost financial institutions billions of dollars in legal costs and fines, she said. Wexton, who formerly headed Citibank's AML program, spoke with reporter Larissa Bernardes about the effect of...
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