Banks Take AML Compliance for Granted – American Banker
K2 Intelligence’s Tom Bock & Dana Irvis have a opinion piece in the American Banker on the cost to financial institutions of complacency over compliance:
From our 20 years of combined experience working on both the corporate and prosecutorial sides of AML and OFAC compliance, we have historically seen two common themes over and over again. First, banks are either stripping out key information from transactions to avoid triggering alerts for possible sanctions violations, or failing to properly design and implement filters that capture potentially suspicious transactions. Secondly, banks are too reliant on automated compliance systems and overly confident about their abilities to run on their own.