Laws requiring banks to combat money laundering and terrorism financing continue to evolve as financial crimes become increasingly complex. FinCen recently proposed to strengthen banks' AML/CFT programs by making risk assessments mandatory and integrating national AML/CFT priorities, and federal banking agencies followed suit with their own proposal.
Institutions must continually review their AML/CFT programs to ensure they remain up to standard, particularly when it comes to risk assessments, customer identification and due diligence, and high-risk accounts, one compliance expert says. Review these resources and best practices for BSA/AML programs from the Financial Crime Academy, and check out this blog post on the pillars of a strong AML program from Abrigo.
What are some ways you've observed money laundering become more sophisticated? How has your institution adapted to ensure compliance with changing AML/CFT regulations? Do you have access to the requisite data to meet requirements and recordkeeping obligations?
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Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi
Arlington, VA
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