Top 10 op risks: AML
The fourth of our series of top 10 op risks for 2014 looks at anti-money laundering. Preventing money-laundering is set to become just one aspect of the broader effort to clamp down on all kinds of illegal transactions
2014 will see continued growth in anti-money laundering (AML) spending by banks around the world, as regulators tighten up inspections and reporting requirements to fight money laundering – a category that now covers sanctions evasion, tax evasion and bribery as well as the traditional definition of concealing the origin of illegally obtained money.
One of the highest-profile efforts in this area is the US Foreign Account Tax Compliance Act, or Fatca. In mid-2013 the US Treasury and Internal
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