The Feds are coming
Regulators in the US are cracking down on banks in their stringent anti-money laundering campaign. Nick Kochan looks at the civil penalties being imposed on financial institutions and wonders whether they are entirely justified
The Feds are coming to close you all down! This is how some banks operating in the US perceive the behaviour of US regulators when dealing with infringements of US anti-money laundering (AML) law. The regulatory and judicial authorities have got the bit between their teeth and are determined to make a bank's life as painful and expensive as possible, if it is suspected of an AML failure.
"They are going after banks," says Todd Harrison, a partner at law firm Patton Boggs and former New York
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