Banks continue to struggle with sufficient compliance staffing levels despite an industry-wide hiring spree that began over two years ago, according to regulators and consultants.
Financial institutions continue to struggle with hiring effective Bank Secrecy Act officers, allocating sufficient compliance resources and employing adequate internal controls, U.S. regulators said Tuesday.
The report, published by the Boston-based consultancy Aite Group, found that most banks surveyed named AML as their most important compliance issue, beating out data security and consumer privacy issues.
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