Two Financial Institutions with Troubled Compliance Histories Hire AML Bigwigs

By Brian Orsak and Brian Monroe

American Express and Wachovia Bank, two institutions with recent money laundering troubles, have hired seasoned Bank Secrecy Act officers to bolster their compliance efforts. Rick Small, head of global compliance at GE Money, will join American Express Co. this month as vice president of anti-money laundering and sanctions risk management. Charlotte, North Carolina-based Wachovia Bank has hired Dan Soto, former chief compliance officer of Raleigh, North Carolina-based RBC Centura, to head its AML efforts. Both moves follow a difficult year with regulators for the institutions that have translated into compliance department shake-ups. "By making a high profile hire, it shows...