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Banks Need to Better Join AML and Anti-Fraud Efforts, FinCEN Director Says
By Matt Squire
printBanks should streamline their compliance efforts by coordinating their anti-money laundering and anti-fraud programs, the director of the United States' financial intelligence unit said Tuesday. Anti-money laundering (AML) compliance departments have more trouble convincing bank managers to spend money on their cost-driven programs than do anti-fraud departments, which have a clearer, "tangible impact" on a financial institution's bottom line, according to James Freis, the head of the U.S. Financial Crimes Enforcement Network (FinCEN). Because the departments require similar skill sets and data, banks should coordinate their efforts to "take advantage of the significant efficiencies," said Freis, speaking before the Florida...
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