Anti-money laundering compliance officers at financial institutions who have to cope with a lack of resources aren't alone. The United Nations' anti-money laundering efforts are global in reach and also suffer from limited funding and staffing, according to Delphine Schantz, the anti-money laundering advisor at the United Nations' Global Programme against Money Laundering (GPML). Among the challenges GPML faces are providing technical assistance and training to vast regions, including Africa, that have multiple languages and legal regimes, said Schantz. And, when GPML begins to make headway in a region, it often loses the individuals it trained to the private sector...
The U.N. Security Council voted a third round of sanctions against Iran over its alleged ambitions to develop nuclear weapons. Fourteen of the 15 members of the Security Council supported a measure calling for tighter monitoring of Iranian financial institutions, travel bans, and cargo inspections.
The sanctions would call for increased international scrutiny of transactions with Iran's largest banks, including their international subsidiaries, and the freezing of assets of individuals tied to the country's purported nuclear weapons program.
The sanctions put pressure on U.S. banks to conduct greater due diligence on correspondent accounts to determine if they are linked to the Middle Eastern nation. That will likely continue a trend of foreign institutions dropping business dealings with the country.