Law360, New York (February 17, 2017, 12:01 PM EST) -- Michael A. Mancusi
Brian C. McCormally
Kevin M. Toomey
Recent agency guidance, rulemakings and enforcement actions — all issued prior to the change in administrations — demonstrate the financial regulatory agencies' commitment to enforcing the Bank Secrecy Act and its implementing regulations (BSA), and, in particular, their willingness to hold lead compliance professionals personally accountable. Add to that the new administration's rhetoric of fighting terrorism and bolstering national security, and financial institutions should expect an upsurge of anti-money laundering (AML) supervision and enforcement in the coming years.
Recent Actions Imposing Personal Liability
Two recent enforcement actions against financial institutions and their...
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