With Political Winds Go Compliance Changes, Say AML Officers

By Colby Adams and Brian Monroe

Dramatic changes to the Arab world's political landscape will mean broad reassessments by U.S. financial institutions of compliance risks in the region, according to bank officials. Demonstrations that toppled former Tunisian President Zine El Abidine Ben Ali on Jan. 14 have seemingly spread to the Northern African nation's Arab neighbors, including Algeria, Yemen, Jordan, Syria and Egypt. On Tuesday, Egyptian President Hosni Mubarak said he would not seek reelection as a result of nationwide protests to his 30-year rule. The promise for political reform has been followed by leaders in Jordan and Yemen in response to demonstrations. The Jan. 25...