- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Federal banking regulators have authored a “fact sheet” intended to clarify supervisory and enforcement activities that focus on the money laundering and sanctions compliance risks that may arise with correspondent banking relationships. Joe Mont has more.
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In an ironic twist, regulation designed to protect the global financial system is forcing whole regions outside the regulated financial system, creating more risk for everyone.
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
Gatehouse Bank was fined £1.58 million (U.S. $1.77 million) by the U.K. Financial Conduct Authority for failing to address “significant weakness” in AML checks the bank conducted on customers who posed a higher risk of committing financial crime.
