Why audit won’t save your anti-money laundering (AML) program
In financial institutions across the United States, there’s a reflex that’s become almost ritual.
When a regulator walks in, or a board member asks whether the AML program is working, the answer is the same: “We just passed audit.” It’s delivered with confidence, sometimes even pride, as if the risk has been neutralized. But passing audit doesn’t mean your program is safe.
It doesn’t mean it’s effective. And in today’s threat landscape, it doesn’t mean much of anything at all.
Related articles
-
ArticleDigital wallets should speed up compliance, but companies must focus on trust and security
The EU has one, the U.K. is getting one, many U.S. states are working with Google and Apple to provide one, and now industry sectors are developing their own digital wallet.
-
OpinionFive best practices for conducting effective investigations
Companies face rising pressure to detect misconduct early. Strong internal investigations identify compliance issues, uphold regulations, and protect credibility.
-
OpinionFive best practices for running an effective internal investigations program
In today’s complex and rapidly evolving regulatory compliance environment, organizations should have a thorough and effective internal investigations program in place to address any allegations of misconduct.
More from Opinion
-
OpinionAI adoption without trust: A call for compliance professionals
Employees are adopting AI faster than companies can build policies, governance, and training. That gap creates compliance exposure in areas from data privacy to shadow IT to workplace equity.
-
NewsThe Banks behind Jeffrey Epstein: Why the story matters now more than ever
The Epstein case remains a defining moment for financial institutions. As new investigations bring renewed attention to his enablers, Compliance Week’s 2024 case study offers not only a timeline of failures but a path forward. Here’s what banks, regulators, and compliance teams must learn from it.
-
OpinionA friend for the compliance officer: Co-thinking with AI
At their core, compliance officers are problem-solvers. They wrestle with thorny questions every day: How do we implement a global gifts-and-entertainment policy across jurisdictions with vastly different cultural norms? How do we balance business pressures with anti-corruption obligations? How do we address new risks like AI itself?