- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Provided by 
Computer Services, Inc. (CSI)2018-09-13T11:00:00
When it comes to customer risk, do your teams have the visibility they need to prevent an anti-money laundering (AML) violation?
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Companies spend huge sums on audit, risk management, and compliance to alert them about potential legal issues before they escalate into serious corporate governance failings. There’s only one problem, however–they often misread their own early warning signs or ignore them altogether.
The U.K. Financial Conduct Authority has fined Metro Bank 16.6 million pounds (U.S. $21 million) for an alleged failure by its automated system to adequately monitor money laundering risks.
Law enforcement officials stumbled on TD Bank’s role in money laundering while investigating a Mexican drug cartel. They found that the bank’s corporate culture considered compliance, particularly BSA/AML compliance, a low priority. As they dug deeper, authorities discovered that multiple money laundering schemes had infiltrated the bank’s network.
The individual requirements for your security and risk operations are increasingly complex—and interconnected. Yet despite this increased interconnectivity, many organizations still manage their security operations (SecOps) and integrated risk management (IRM) functions in silos.
The message from the regulators is clear - having an off-channel policy for mobile communications is not good enough.
To help investors gain a better understanding of cyber risk, the US Securities and Exchange Commission (SEC) has created sweeping new rules—forcing companies to take a more proactive approach to cybersecurity.
