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Recent Enforcement Actions Hold Boards, Senior Managers Responsible For AML Failures
By Colby Adams
printA slew of recent enforcement actions issued by federal regulators contain stern warnings for senior bank managers that they are responsible for their institution's compliance with U.S. anti-money laundering rules, say analysts. That bank leaders may be held liable for anti-money laundering (AML) compliance failures isn't a new concept. Going back as far as the May 2004 enforcement action against Riggs, for instance, there have been cases where regulators have focused on board and senior management oversight, though the onset of the global economic crisis in 2008 shifted regulatory focus to safety and soundness issues. But a series of recent...
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