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Some AML Consulting Firms Reportedly Skimping on Look Backs
By Brian Monroe
printCash-strapped banks facing federal mandates to hire outside consultants to improve their compliance programs are increasingly seeking lower bids from anti-money laundering consultants to get the work done cheaply, say compliance professionals. The result is that some consultancies, faced with evaporating budgets, are cutting senior anti-money laundering (AML) professionals and using a higher percentage of lesser-paid, junior investigators on complex remediation assignments, such as transactional reviews to find missed suspicious activity. The potential for a qualitative drop in consultant work has, on a least two occasions, prompted federal regulators to require banks to redo costly look backs with a more...
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