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Looking Ahead in 2010, Industry Leaders Say Budgets Will Be Tight, While Duties Increase
printWe never said compliance professionals had it easy, and 2010 doesn't look to be a year when things will be any better for the anti-money laundering and counterterrorism financing industry. While it's still early to say whether closed purse strings will be loosened again, many compliance staffers believe the year ahead will see budgets remain flat. That doesn't mean there will be a shortage of new challenges, or even new regulatory demands, as U.S. lawmakers weigh considerable financial reform in response to the subprime mortgage crisis. Queried by moneylaundering.com/Compliance Advantage staffers in the last weeks of 2009, industry leaders told...
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Contending with a lengthy recession, some U.S. banks have fallen behind on their core anti-money laundering compliance duties, including risk ranking customers and reporting suspicious activity, say federal officials.
Bank closings and enforcement actions for capital requirement and credit risk violations didn't preclude law enforcement and regulatory officials from pursuing banks for violating U.S. and international sanctions in 2009 or from leaning on financial institutions to catch tax cheats.
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