Diligence is Getting Pretty Pricey

Fest, Glen
August 2007
Bank Technology News;Aug2007, Vol. 20 Issue 8, p31
Trade Publication
The article discusses the concerns over the anti-money laundering (AML) compliance of banks in the U.S. It is noted that the cost of analyzing information generated by automated anti-laundering tools has gone beyond the expectations of bankers. In addition, regulators are criticizing the effectiveness of AML program because of the increased suspicious activity reports filed by banks.


Related Articles

  • Big Price for Lax Anti-Laundering. Alexander, Richard M.; Allen, Christopher // American Banker;10/22/2004, Vol. 169 Issue 204, p11 

    Discusses the challenges faced by the financial services industry regarding compliance with the Bank Secrecy Act (BSA) and anti-money laundering requirements. Description of actions taken against Amsouth by several regulators for violations of the BSA; Need for banks to be vigilant in keeping...

  • Companies brace themselves for cost of new money laundering regulations. Baker, Carol // Credit Control;2007, Vol. 28 Issue 4/5, p6 

    The article presents the author's reflections on the impacts of the ongoing cost increase of fighting money laundering in financial institutions. He noted that such trends are most evident for banks across the world because they have become increasingly engaged in the struggle against such...

  • Fighting Terrorist Funding Calls for New Tactics. Isaac, William M. // American Banker;5/3/2005, Vol. 170 Issue 84, special section p2 

    Discusses the significance of banks' compliance with anti-money-laundering rules to the U.S. fight on terrorist funding. Assertion that banks must comply fully with anti-money-laundering regulations, despite the expenses involved; Advances in the tracking of organized crime and terrorist funds;...

  • KNOWING YOUR CUSTOMER.  // U.S. Banker;Jun2004 Supplement, Vol. 114, p2 

    Focuses on the significance of the Section 326 of the Patriot Act to control money-laundering and prevent the financing of terrorism in the U.S. Requirement for financial institutions to establish procedures for identifying and verifying the identities of both commercial and consumer customers...

  • Small Banks Suffering Too in 'Derisking' Push. Kline, Alan // American Banker;12/29/2014, Vol. 179 Issue 198, p00 

    The article reports that large banks that offer correspondent services are terminating their relations with smaller banks that use those services. Topics discussed include large banks' concern over smaller banks' acceptance of deposits and processing deals for businesses that are high risk for...

  • BSA: What you think you know could hurt you. Cocheo, Steve // ABA Banking Journal;Feb2005, Vol. 97 Issue 2, p78 

    Presents information on the facts and false notions about the U.S. anti-money laundering laws and suspicious activity reports (SARs) that were confirmed or debunked during a seminar hosted by the American Bankers Association in conjunction with the American Bar Association. Increase in the...

  • Let Our Allies Help Fight Laundering. Sorcher, Alan E. // American Banker;7/2/2004, Vol. 169 Issue 127, p11 

    Discusses the rules under the Patriot Act that prohibit U.S. financial institutions from relying on United Kingdom or other European banks to help screen for money laundering. Discussion of the many rules that securities firms and banks must comply with such as suspicious activity reporting and...

  • Not Again!  // Russian Life;Sep/Oct2004, Vol. 47 Issue 5, p6 

    Reports that in July 2004, the Russian banking sector faced its most serious crisis since 1998. Loss of its license by medium-sized Sodbiznesbank after allegations of money laundering; Rumors that the Central Ban was planning to purge the banking sector; Possible blacklist of condemned banks.

  • AmSouth Paying $50M In BSA Case. Blackwell, Rob; Paletta, Damian // American Banker;10/13/2004, Vol. 169 Issue 197, p1 

    Reports that AmSouth Bancorp agreed to pay federal authorities $50 million as a result of charges that it committed serious violations of the Bank Secrecy Act and other anti-money-laundering laws. Details of the penalties, paid to the U.S. Attorney's Office, the Federal Reserve Board, and the...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics