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Citibank Enforcement Action Boosts Efforts to Tie Executive Compensation to AML
By Brian Monroe
printFor the past year, a compliance officer in a midsize Texas bank has been pushing executives to link bonuses to how the officials comply with anti-money laundering rules. Applying this approach to compensation for frontline staff, including tellers and even branch managers, was relatively painless, but the compliance officer is concerned things won't go as smoothly when the initiative is extended to senior executives. "I don't know if I will have any friends left at the bank when I do," said the compliance officer, who asked not to be named. But an April 5 enforcement action against Citibank NA should...
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