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Regulatory Scrutiny of AML Knowledge Among Board Members on the Rise
By Brian Monroe
printFederal examiners are requiring bank boards of directors to be more deeply involved in their institutions' anti-money laundering programs, say compliance officers who have recently faced regulatory audits. The emphasis on board participation is markedly higher than it was several years ago and has meant greater workloads for compliance officers who must explain the "minutiae" of their anti-money laundering (AML) decisions and controls to board members, according to Lorenzo Delzoppo, the chief compliance officer for Homestead, FL.-based Community Bank of Florida. Rather than present a concise overview of a bank's AML program to the board, detailing how suspicious activity is...
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