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Compliance Professionals Likely to Face Prosecutions for SAR Failings: Consultant

A growing number of compliance professionals expect that someone at a bank, even a compliance officer, will be prosecuted for violating the Bank Secrecy Act in the not-too-distant future. The expectation follows public outcry that banks in a handful of highly visible cases were not sufficiently punished for lax anti-money laundering (AML) and sanctions controls. In congressional hearings and editorials, critics of the government's Bank Secrecy Act (BSA) oversight have cited violations by HSBC Bank USA and Wachovia, among others. David Caruso, chief executive officer of the Dominion Advisory Group, not only thinks a prosecution is imminent, he is pretty...

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