AML Officers Gone Wild!

Posted by & filed under AML General.

Last week 11 individuals were charged with laundering more than $40 million in drug proceeds back to Mexico through Atlanta-area money remitters.  What makes this case unusual is that 6 of the 11 individuals were directly responsible for BSA/AML compliance. There has been a recent increase in personal liability enforcement actions against compliance officers for… Read more »

Is AML Efficiency Really Possible?

Posted by & filed under AML General, Negative News.

Never-ending monitoring alerts.  Flipping from system to system to find customer information, transaction details, and negative news.  Documenting searches and investigation reports.  SAR filings.  Model validation.  Annual risk assessments.  Hiring new analysts to replace the ones that jumped to another bank for more money.  Audit one month, regulatory examination the next.   Constantly shifting priorities. This… Read more »