Tested by the Economy, Some Banks are Giving Business Managers the Last Word in AML Compliance

By Brian Monroe

The battle between bank business line managers charged with raising revenue and the compliance staff who must vet financial ventures for potential regulatory violations has worsened in the stalled economy. Bank examiners at the U.S. Treasury Department's Office of the Comptroller of the Currency (OCC) have been increasingly citing financial institutions for allowing business line managers to have more influence than anti-money laundering (AML) compliance staff, said Dan Stipano, the agency's deputy chief counsel, during a July 13 online chat with the Association of Certified Anti-Money Laundering Specialists (ACAMS). At banks recently cited for Bank Secrecy Act violations, compliance staff...