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Few Banks Heed FinCEN’s Call to Ally Anti-Fraud and AML Departments
By Brian Monroe
printLess than 10 percent of banks have joined their efforts to fight fraud and money laundering despite calls by the U.S. financial intelligence unit to do so, according to an upcoming report. Another 10 percent have attempted to better integrate their anti-fraud and anti-money laundering compliance efforts only to back out because of difficulties, according to Julie Conroy McNelley, a senior analyst at the Boston-based Aite Group, which is releasing a report on the subject later this month. "For the vast majority of banks in my survey, merging fraud and AML have not occurred to them or they have not...
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