SEC spotlights private bank AML
BOSTON – The Securities and Exchange Commission (SEC) is showing increasing concern about money laundering in private banks serving the emerging markets, according to Alison Morpurgo-Cotter, the legal counsel and chief AML officer at UBS International.
Established in 2002 as an affiliate of UBS Financial Services, UBS International offers investment advisory and brokerage services to wealthy international clients, and has several clients in South America and other emerging markets.
"Among our regulators, the SEC is increasingly concerned about how we manage AML risks given our emerging market exposure. Money laundering is the single biggest risk for a bank like ours, as one case can have such a devastating impact. We focus on the effectiveness
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