Facing a copious amount of anti-money laundering regulations issued in the past five years, financial institutions are putting increasing pressure on their compliance officers to get soaring costs under control. The amount of time account managers spend on AML duties has tripled since the Sept. 11, 2001, terrorist attacks, taking away from the bank's ability to focus on extending its products or services to new clients or areas, said a compliance officer at a Canadian-based bank. But experienced chief compliance officers and AML executives, who understand that cutting the wrong corners with AML compliance can be the costliest move of...
Federal bank examiners have added a new criterion to their evaluations: how well banks coordinate their anti-money laundering, anti-fraud and data security efforts, according to compliance professionals.
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