- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The New York Department of Financial Services has ordered Mega International Commercial Bank of Taiwan to pay a $180 million penalty and install an independent monitor for violating New York’s anti-money laundering laws. Jaclyn Jaeger reports.
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New and evolving technology may help institutions avoid AML and KYC compliance risks, or restore a damaged reputation, says Joe Mont, but not without the right strategy and training in place.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.
