Top 10 op risks: Sanctions and AML compliance

Top 10 op risks: Sanctions and AML compliance

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Rule-breakers: A number of banks faced fines or regulatory scrutiny during 2012

2012 saw leading banks in the spotlight, accused of negligently or wilfully breaking anti-money laundering (AML) rules or international economic sanctions. Standard Chartered Bank, accused of breaches of US sanctions on Iran by the New York Department of Financial Services, was forced to pay a $340 million settlement. HSBC, accused of overlooking money laundering from Mexico into the US, predicted in November that the total fines could be more than $1.5 billion. In the largest US money-launde