Tough Middle East sanctions put AML under spotlight

Banks' anti-money-laundering processes will come under scrutiny in the face of tougher sanctions in the Middle East

Recent increases in sanctions against countries such as Syria and Iran mean banks both in the region and internationally must up their anti-money-laundering (AML) game or risk being left open to illicit funds passing through them, according to industry experts.

"The challenge for the international community is that money is leaking from [Syria] and sanctions are being circumvented, which moves the AML risk to other regions," says Tony Wicks, director of AML at US security firm Nice Actimize.