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Anti-money laundering is one of the few banking operations that stretch across both business lines and country borders. As a result, AML programs must be structured to comply with varying, in some cases conflicting, laws and regulations. Complying with the differing regulatory standards set from country to country can be a daunting task. But, David Bagley, head of group compliance at HSBC in London and co-chairman of the Wolfsberg Group - a group of 12 international financial services businesses that proposes industry AML standards - says one key to managing inconsistent AML laws is applying minimum standards while observing varying...