Maintain regulatory confidence and guard against significant fines through improved anti-money laundering programmes.
Maintain regulatory confidence and guard against significant fines.
The need for effective anti-money laundering (AML) and sanctions compliance systems and controls is well known, as are the severe penalties for firms failing to do this.
Increased regulatory scrutiny and the extra-territoriality of US laws are driving greater focus in this area, providing additional challenges for regulated firms to face.
In addition to the challenge of managing the immediate interaction with the authorities, this scrutiny is also exposing weaknesses in regulated firms’ underlying infrastructure (data, documentation, systems and controls and resources).
A risk-based approach is not only expected, but makes good commercial sense. But what does this mean?