U.S. regulatory bodies are paying closer attention to anti-money laundering (AML) efforts than ever before. That means more examinations and investigations for companies that don’t have comprehensive AML compliance programs in place.
The financial services industry has come under the most regulatory scrutiny. Take, for example, new AML rules issued by the Treasury Department’s Financial Crimes Enforcement Network, which impose stringent new obligations on banks to identify and verify beneficial owners. On top of regulatory pressures, the FIFA corruption scandal has pulled many banks into its orbit, sending a strong message on the importance of enhanced due diligence processes. There is good news, however: For the first time in ten years in the United States—and for the first time ever in the United Kingdom—financial institutions have some much-needed insight into how these two countries intend to prioritize money laundering and terrorist financing risks, enabling compliance officers in the financial services industry to better allocate their limited resources.
In this e-Book, produced by Compliance Week in cooperation with Pitney Bowes, we explore this evolving AML regulatory and enforcement landscape, as well as how to reduce AML risk. We also take a look at how Pitney Bowes Entity Resolution for Financial Crimes and Compliance software is aiding in the fight against money laundering to improve bank compliance.
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