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Recent regulatory guidance on banks use of consultants for anti-money laundering remediation work places a renewed focus on the personal connections that can affect the independence of consultants, according to compliance professionals.
Financial consultants are weighing ways to shield their auditors from undue influence by clients in the wake of a monetary settlement by New York State and congressional testimony by federal regulators.
A House lawmaker is set to unveil a measure that would broadly expand anti-money laundering controls and require the U.S. financial intelligence unit to critique the findings of financial regulators.
Intended to ensure strong Bank Secrecy Act programs, compliance audits can nonetheless have an unintended consequence: they can get banks in trouble, say consultants.
Two recent evaluations of third-party audits conducted on behalf of banks highlights an unresolved question in the compliance world: can you sometimes get what you pay for?
U.S. investigators looking into potential sanctions violations by Standard Chartered Bank will likely expedite their case following allegations by New York officials that the bank's executives permitted compliance violations, say sources.
