For AML Professionals, 2007 Marked by Record Penalties, Promises of Reform

By Kieran Beer and Brian Orsak

Correction Appended Anti-money laundering compliance professionals view 2007 as a year when actions by U.S. lawmakers, regulators and law enforcement raised as many questions as they answered. Regulators spent less face time than in the past addressing AML concerns as the lion's share of regulatory attention was devoted to subprime lending standards and the broader credit crisis. But, when financial regulators and the U.S. Department of Justice weighed in, they did so heavily, assessing the largest penalty against a U.S. institution and seeking, in a yet-to-be-resolved criminal case, the largest penalties ever for anti-money laundering violations. "2007 was really a...