Making Most of Time Before Boards an AML Challenge, Say Compliance Professionals

By Brian Monroe

While it may seem like a relatively minor part of a bank's anti-money laundering program, federal examiners are increasingly paying attention to the role boards of directors can play in stemming financial crime, say former regulators and bankers. In the past three years, financial regulators have dinged banks at least a dozen times in anti-money laundering (AML)-related enforcement actions for not informing boards and top bank executives of changes in compliance programs, according to an analysis of regulatory actions on Fortent Inform. The uptick in enforcement actions focusing on what a bank's board did and didn't do has prompted some...