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Banks Merging AML, Fraud Operations into Financial Crime Units
By Brian Monroe
printBanks are revamping their financial intelligence units to tackle not only money laundering but other crimes, including fraud, as part of an effort to rein in expenses, say compliance professionals. In the past decade, banks have created in-house financial intelligence units (FIUs), modeled after governmental investigatory groups formed in the early 1990s to strengthen anti-money laundering (AML) policies. Bank FIUs, often comprised of AML analysts, have sought to proactively curb the instances of dirty money entering the financial system. But as financial institutions contend with increased market and regulatory pressure, banks are reworking the classic FIU model and merging their...
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