- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Banks lacking a Federal functional regulator have been hit with proposed rules by the Treasury Department’s Financial Crimes Enforcement Network that would require them to implement anti-money laundering programs. Joe Mont has more.
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By May 11, banks and others in the financial services industry will need to comply with new customer due diligence rules. Recent guidance, banks say, both helped and complicated late-stage compliance efforts.
There was good news and bad news to be found in a recent review of the United States’ anti-money laundering efforts. Its failings add perspective to what are global challenges, says Joe Mont.
New and evolving technology may help institutions avoid AML and KYC compliance risks, or restore a damaged reputation, says Joe Mont, but not without the right strategy and training in place.
