It seemed like a simple goal: as part of an agreement with the U.S. Justice Department, the compliance staff at a large, multinational bank had to review past transactions to determine if suspicious activity had been missed. But how they should determine that transactions weren't suspicious was something Bank Secrecy Act officers and a third-party monitor appointed by the department disagreed on. The argument-and the monitor's lack of in-depth anti-money laundering (AML) knowledge-nearly derailed the bank's deferred prosecution agreement (DPA), according to a former compliance officer at the bank. "The opinions of the firm required by the agreement were not...
The United Kingdom Thursday detailed a plan to settle alleged corporate violations of criminal laws without pursuing prosecutions -a strategy used by U.S. officials to exact billions from financial institutions.
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