- 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.
Top-of-mind issues addressed at Compliance Week’s Third-Party Risk Management & Oversight Summit, held June 3-4 in Atlanta, included safe deployment of artificial intelligence, assessing vendor viability and sustainability, understanding the role of procurement in risk ranking, the intersection (or lack thereof) between data privacy and cybersecurity, and many others.
Anne Morriss, co-author of “Move Fast and Fix Things,” advises compliance officers to tap into curiosity, communicativeness, and comfort with discomfort to build organizational trust, fast.
Regulators and government agencies often speak to the value of empowered corporate compliance programs to advancing their mission. Why not practice what they preach by empowering compliance among their own ranks?
