Even absent a crystal ball into which to peer, it seems safe to say that any changes the financial sector sees in the year ahead won't include a walk-back of anti-money laundering requirements. If anything, 2017 will probably see closer scrutiny of wealthy customers and corporate accounts to comply with more stringent regulations. In interviews with ACAMS moneylaundering.com, compliance experts offered their predictions on how political changes, law enforcement initiatives and new rules may impact the sector. What follows are edited selections of their comments. On corporate transparency: Sarah Green, senior director of enforcement and BSA policy, Finra: One big...
Uncertainty emerged to be a theme in 2016 as early as January, when dozens of countries rolled back longstanding economic sanctions targeting Iran as part of the multinational Joint Comprehensive Plan of Action.
The year has hardly begun and already some of its biggest challenges for compliance departments seem evident: contending with expected rules on customer due diligence, evolving sanctions obligations and the U.S. Justice Department's emphasis on individual liability.
The potential liability faced by bank professionals, particularly compliance officers, for regulatory violations has been a recurring theme at ACAMS conferences in 2015, and there's no reason to think it will be any less of an issue in 2016.
Despite the dress that changes colors depending on your eyes and the record-breaking sales of one recent example of nostalgic moviemaking, 2015 is more likely to be remembered by the financial sector for the tragic terrorist attacks that bookended it.