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Record Settlements Not Enough to Deter Banks from Violating AML Rules, Says Author
printWithout the threat of larger monetary settlements or prosecutions, financial institutions have little economic incentive to seriously enforce their anti-money laundering compliance controls, according to Peter Reuter, a professor in the Department of Criminology at the University of Maryland. While some governments and intergovernmental groups have effectively pushed for tougher compliance checks, they have been less successful in motivating financial institutions to do enough to identify financial crime, said Reuter, the co-author of Chasing Dirty Money: The Fight Against Money Laundering. Reuter, who founded and previously directed the Drug Policy Research Center at Santa Monica, CA-based think tank Research and...
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