- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Martin Woods2020-08-25T15:57:00
Financial crimes expert Martin Woods writes that, in his experience, the big consultancy firms have made a substantial negative contribution to global AML endeavors.
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An increase in the submission of suspicious activity reports for cash values that fall under the mandatory $10,000 transaction reporting threshold last year is a proactive step by banks, but more can always be done, writes Martin Woods.
The Financial Crimes Enforcement Network has proposed a plan to issue AML guidance every two years to encourage financial institutions to align their Bank Secrecy Act compliance programs with the agency’s enforcement priorities.
The AML community is guilty of tolerating the failing status quo, and very few have dared to confront, challenge, and disrupt the inefficient and ineffective practices. A proactive approach could be the solution, writes Martin Woods.
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Whether you’re a multinational telecommunications company looking to certify your anti-corruption program post-settlement, or a biochemical company victimized by a “rogue” employee, seeing the light at the end of the enforcement tunnel isn’t always easy.
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