In a year when the number of enforcement actions issued by federal financial regulators fell by nearly half, Bank Secrecy Act-related penalties earned an unusual distinction. They declined by less than 14 percent.
Though none can predict the future, one thing in the AML world seems certain: the jobs of compliance officers won't get any easier in 2013.
Federal banking regulators are increasingly relying on informal actions to pressure banks to improve their anti-money laundering programs out of the public spotlight, say compliance professionals.