A Rising Tide Of AML Reg Actions — And What We Can Learn

Law360, New York (March 31, 2015, 10:43 AM EDT) -- U.S. regulators are increasingly scrutinizing anti-money laundering (AML) compliance efforts. The growing focus on AML has resulted in a string of high-profile settlements between financial institutions and the U.S Department of Justice, the Office of the Comptroller of the Currency, the Financial Crimes Enforcement Network and the New York State Department of Financial Services, among others. Recent settlements under the Bank Secrecy Act[1] and state law have included fines in the billions and agreements by financial institutions to undertake significant and often intrusive remedial actions.

Regulators have stated explicitly that they expect financial institutions to pick up on this trend. As...

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