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Compliance officers face challenges anytime two financial institutions merge. But when one bank buys up the assets and the problems of a failed competitor, the hurdles can exponentially increase.
Bank of New York Mellon and the Russian government finalized an expected settlement Thursday of a lawsuit that had sought $22.5 billion for tax revenue lost to a money laundering scheme.
Federal regulators are evaluating the merits of anti-money laundering compliance staff in an effort to ensure that unqualified individuals weren't hired to cut costs, according to bank officials.
When financial institutions suspect an employee of fraud or abuse often their first instinct is to simply file a suspicious activity report with regulators and move to the next issue. But a SAR should be filed only after the financial institution has contacted law enforcement directly, experts say.
A federal judge ordered BIV to pay a former employee accused of money laundering more than $3.5 million as compensation for attorneys fees and creditors. Moreover, BIV could be obligated to pay even more, if a lawsuit filed by the employee, who was exonerated, succeeds.
