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Transaction ‘Look Backs’ Contribute Little in AML Fight, Consultant Says
By Matt Squire
printThe value of retroactive transaction reviews, or "look backs" in combating money laundering is dubious says John MacKessy, of New York-based FTI Consulting Inc., which offers anti-money laundering program consulting that includes setting up such transaction reviews. MacKessy, who is managing director of FTI's international risk and investigation group works with large commercial, money-center banks that are facing "crisis events" such as cease and desist orders or subpoenas. "We do reviews, assessments, quasi-type audits, review their audit program, review their SAR filing procedures, take a look at their SARs, test for the quality of those SARs and their narratives," said...
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