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Demands of Dodd-Frank Reverberating in AML Departments, Say Compliance Staff
By Brian Monroe
printCosts associated with the 2010 U.S. financial regulatory overhaul have prompted some large banks to repurpose their anti-money laundering compliance staff and delay transaction monitoring upgrades, say industry professionals. Many of the regulations mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act have yet to be finalized, if not proposed, despite numerous looming deadlines set under the law. The broad measure requires financial institutions to better control systemic risks and draft contingency plans for liquidation, among other duties. The regulations have already cost banks tens of millions of dollars in legal fees and implementation costs. In response, some...
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