A stalled economy and expanding compliance requirements are prompting many financial institutions to seek innovative ways to improve their compliance functions without increasing – or even while reducing – their costs. One approach a growing number of financial institutions are considering is combining their anti-money-laundering (AML) and fraud monitoring operations into a single "financial crimes" unit to achieve greater operational efficiency. Managers of financial institutions should consider several factors when determining if combining these operations makes sense for them. The Pros and Cons of Consolidation The conventional reasons for forming a consolidated financial crimes unit are to more efficiently and...
The release of the long anticipated Bank Secrecy Act/Anti-Money Laundering Examination Manual for Money Services Businesses has left many regulators, money services businesses and banks struggling to understand what it means for them. Here are some insights into implementing the manual.
The authors of the Stop Tax Haven Abuse Act are trying to charge FinCEN with duties the agency has shown no appetite for, according to guest writer Bruce Zagaris of Berliner Corcoran and Rowe, LLP.
If AML training is to be embraced in your organization, employees must take ownership of it, Patrick Fogerty of the Union Bank of California writes. The most effective way to do that is to have the business units of your enterprise create and maintain their own training programs.
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