For Compliance Industry, 2013 was a Year of Fewer Large Fines But Tougher Demands

By Colby Adams, Brian Monroe and Brian Orsak

There were no Kardashians, no unabashed crack-smoking mayors nor even any shamed celebrity politicians in the financial compliance world in 2013. Relative to the year before, the anti-money laundering (AML) compliance industry drew few headlines over the past 12 months, and yet no one would tell you their job got any easier. For one, compliance officers contended with the ever uncontrollable and often unpredictable politics. As in 2012, U.S. relations with Iran weighed heavily on financial institutions, which were charged with identifying and blocking an increasing number of transactions. After implementing a raft of new restrictions targeting businesses that trade...