Posts Tagged ‘aml’

Regulators on AML: Get Innovative

Financial regulators published a statement Monday encouraging banks to “implement innovative approaches” to their anti-money laundering compliance efforts, and said that firms will not be penalized for experimenting with new technologies for AML compliance “even if the pilot programs ultimately prove unsuccessful.” Those innovative approaches, the regulators said, might range from building sophisticated financial intelligence…

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Thoughts on Compliance, AI, and AML

AI

Accenture published a report Tuesday speculating on the future of financial markets for the next few years, with some thought-provoking points for compliance officers mired in anti-money laundering compliance. First, Accenture estimates the overall cost of risk and compliance for the financial sector at roughly $96 billion annually, and the cost of AML compliance specifically…

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Oh Lord, Michael Cohen Risk Is Now a Thing

cohen

The lawyer for Stormy Daniels dropped yet another eye-popping allegation Tuesday afternoon: that some of the biggest names in Corporate America gave hundreds of thousands of dollars to Michael Cohen via the same shell company he used to give Daniels $130,000 in hush money just before the 2016 election. That gasping sound you hear is…

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Report Flags ‘Derisking Risk’ in Banking Sector

A new report from the Government Accountability Office says tough AML compliance obligations are contributing to a “derisking” wave in banks along the U.S.-Mexico border, which are closing branches and filing far more suspicious activity reports than in other parts of the country. The report examined 406 banks across the United States, including 115 along…

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Calendar Alert: Compliance Roundtable in NYC

Special alert for compliance and audit executives in New York, fearful that your business is being targeted by money launderers and related thieves! An executive roundtable is happening next month to let you meet peers and talk about how you’re fighting the threat. The forum will happen on the morning of Wednesday, May 11, sponsored…

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