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Following Hiring Spree, AML Staffing Remains Problematic for Banks

By Kira Zalan

Banks continue to struggle with sufficient compliance staffing levels despite an industry-wide hiring spree that began over two years ago, according to regulators and consultants. Sixty percent of respondents to an audience survey at the ACAMS 14th Annual AML & Financial Crime Conference in Las Vegas on Monday said that insufficient staffing levels remained their biggest hindrance to implementing regulatory recommendations on improving their institutions' anti-money laundering (AML) programs. "There truly is a problem in terms of getting competent staff in institutions and then getting the attention of management and, more importantly, the board," said Lisa Arquette, associate director of...

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