Despite the dress that changes colors depending on your eyes and the record-breaking sales of one recent example of nostalgic moviemaking, 2015 is more likely to be remembered by the financial sector for the tragic terrorist attacks that bookended it. The shootings in Paris and San Bernardino, CA by supporters of al-Qaida in Yemen and Islamic State, or ISIL, killed 160 people and raised the once seemingly settled question of whether financial institutions are doing enough to spot terrorists' funds. Subsequent investigations identified tens of thousands of dollars processed through financial institutions, in some cases stored on prepaid cards. With...
Even absent a crystal ball to peer into, it seems safe to say that any changes the financial sector sees in the year ahead won't include a walk-back of anti-money laundering requirements.
Uncertainty emerged to be a theme in 2016 as early as January, when dozens of countries rolled back longstanding economic sanctions targeting Iran as part of the multinational Joint Comprehensive Plan of Action.
The year has hardly begun and already some of its biggest challenges for compliance departments seem evident: contending with expected rules on customer due diligence, evolving sanctions obligations and the U.S. Justice Department's emphasis on individual liability.
The potential liability faced by bank professionals, particularly compliance officers, for regulatory violations has been a recurring theme at ACAMS conferences in 2015, and there's no reason to think it will be any less of an issue in 2016.
print