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As Hurricane Sandy Recovery Continues, So Does Catch-Up for Northeastern Banks

By Brian Monroe

As clean-up efforts continue in the wake of Hurricane Sandy, a more muted effort is taking place at banks throughout the northeast corridor: playing catch-up on compliance duties, say industry professionals. While most financial institutions in affected areas had backup recordkeeping and disaster recovery plans, the storm nonetheless kept many anti-money laundering officers at home, "making it more difficult to analyze suspicious activity alerts and finish cases," said a compliance consultant who works with New York banks but asked not to be named. Transaction monitoring systems "still have to kick out alerts and human beings have to make a decision,...

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