Suddenly, anti-money laundering compliance is the new black.
We saw that last week with the latest advisory bulletin from FinCEN, a six-page bulletin of advice on how financial institutions can promote a culture of compliance for AML. The Organization for Security and Cooperation in Europe published guidance in July about how AML compliance can be applied to fight human trafficking. Multiple voices have said AML’s know-your-customer principles can be applied to FATCA, the nettlesome new tax law that requires international banks to disclose more information about overseas customers to U.S. authorities. As sanctions continue their revival as a weapon in foreign policy fights (thank you, Vladimir Putin), AML principles will be important there, too.
