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As Budgets Have Shrunk, Banks Have Fallen Behind on SARs, Risk Ranking: Regulators
By Brian Monroe
printContending with a lengthy recession, some U.S. banks have fallen behind on their core anti-money laundering compliance duties, including risk ranking customers and reporting suspicious activity, say federal officials. Other compliance problems on the rise involve weak customer due diligence procedures and backlogs of alerts by transaction monitoring systems, said John Wagner, director of the Office of the Comptroller of the Currency's anti-money laundering (AML) enforcement division. Wagner made the remarks at the 15th Annual International Anti-Money Laundering Conference earlier this month. There has been "some slippage in AML," said Wagner, at the conference. "We are seeing an increase in...
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