- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Federal banking regulators have authored a “fact sheet” intended to clarify supervisory and enforcement activities that focus on the money laundering and sanctions compliance risks that may arise with correspondent banking relationships. Joe Mont has more.
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In an ironic twist, regulation designed to protect the global financial system is forcing whole regions outside the regulated financial system, creating more risk for everyone.
In striking down penalties against cryptocurrency mixer Tornado Cash for violating U.S. sanctions, a federal appeals court may have started to chip away at anti-money laundering regulations established by Democrats even before President-elect Donald Trump takes office.
Companies spend huge sums on audit, risk management, and compliance to alert them about potential legal issues before they escalate into serious corporate governance failings. There’s only one problem, however–they often misread their own early warning signs or ignore them altogether.
