SAS: The maturing of anti-money laundering controls - evolution or revolution?
The world’s largest financial institutions are focused on reforming their anti-money laundering (AML) and counter-terrorism financing practices. New regulations and guidance on risk-based approaches to AML have concentrated attention on the shortcomings of the old monitoring and control regimes.
The US authorities have given stiff fines to organizations for failing to adequately detect money laundering. These have included a $1.9 billion penalty issued to HSBC and an $8.9 billion charge
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