Organizing AML Staff Centrally or Along Business Lines a Tough Choice for Banks

By Brian Monroe

In an ideal banking world, banking compliance departments would have unlimited budgets for building airtight anti-money laundering programs. But in the real world, compliance officers must make difficult choices to get their jobs done with scarce resources. One of those decisions is whether to build a centralized AML staff, housed in company headquarters, or to assign compliance personnel to the business lines that are most vulnerable to fraud and money laundering, wherever they may be. Each strategy has its strengths and weaknesses, top compliance officers at major domestic and international banks say. For many compliance professionals, the solution is a...