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...
IRS senior BSA officer David Tilzer speaks about the AML challenges that MSBs and insurance companies face as they rely on limited resources to monitor sprawling networks of agents for compliance
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