Real Risks in Failure to Implement AML Transaction Monitoring
Failures in implementing AML Transaction Monitoring increasingly have real world consequences, as the US government continues to crack down on money laundering. A lack of tolerance for low quality AML measures is seeing more and more cases of prosecution under the Bank Secrecy Act. One of the most recent involves two co-defendants named in an indictment from March 2021 who, in September this year, pleaded guilty to "failing to maintain an effective anti-money laundering program." As a result of the...
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