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Tough Times May Complicate Sanctions Enforcement, Says E&Y Consultant
printWith the huge growth in the number of individuals and organizations economically sanctioned globally, financial institutions face a big challenge of making sure that they don't violate the law. Doing so can mean huge fines, as a recent $350 million penalty against Lloyds TSB shows. Turbulent markets only make matters worse, says Steven Beattie, the anti-money laundering services leader for Ernst & Young. There is a danger that compliance professionals may be ignored when they move to freeze a suspect transaction if it involves a valued client of the financial institution, he says. Beattie and two other speakers will address...
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