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In Low-Risk Assessments, Examiners and Compliance Officers Rarely See Eye-to-Eye
By Brian Monroe
printIn every longstanding relationship, there comes a point when both parties begin to question something they once thought they had agreed on. Talk to a Bank Secrecy Act officer at a conference, over dinner or in a bar and one point of friction with federal regulators inevitably becomes clear. "It doesn't feel like a risk-based system anymore," said an anti-money laundering (AML) compliance officer with regulatory experience, who believes that federal examiners have increasingly demanded that banks implement the same due diligence procedures for low-risk clients that they previously demanded only for medium- and high-risk clients. In interviews conducted for...
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A Switzerland-based nonprofit group Wednesday released what it's calling the first independent ranking of countries for anti-money laundering and financial crime risks, based on 12 national and nongovernmental indices.
A U.S. Treasury Department division charged with reviewing how financial institutions make use of complex risk models has begun asking questions about how companies calculate money laundering risks.
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Finding themselves locked out of some large U.S. banks because of compliance concerns, third-party payment processors are increasingly turning to small- and mid-sized institutions for financial services, say consultants.
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