Five steps for anti-money laundering compliance in 2017

14. Februar 2017
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Regulatory agencies have aggressively stepped up their enforcement actions and levied huge fines. Having a comprehensive compliance program in place is becoming more critical than ever. Financial institutions can take five steps this year to confront those challenges.

At a glance

  • Banks can stay aware of important rule changes and navigate them diligently.
  • They should know their customers—and emphasize customer due diligence.
  • They can establish a culture of responsibility, beginning with the management team.
  • They can also conduct a broad assessment of their potential risk exposure, including their exposure through business affiliates.
  • Finally, they should launch a strong IT compliance system that’s well-integrated into day-to-day business.