Fighting off the AML bug
Banks that create a positive compliance culture make a vital ally to law enforcement in the fight against money laundering. Nick Kochan reports
Compliance departments in high street banks in the UK are confident as never before. The tidal wave of legislation and regulation that flowed after the attacks of September 11 has placed compliance departments in the driving seat. They have influence at the highest level of companies, policing and government. Directors of compliance departments typically report directly to the board, and board members serve on committees run by British law-enforcement agencies.
The issues with which compliance
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