US study finds major holes in firms’ AML infrastructure


NEW YORK -- A new study of US anti-money laundering (AML) practices at financial institutions by consulting firm Deloitte & Touche shows that substantial gaps remain in the nation’s AML infrastructure, in spite of a host of new regulations and considerable pressure from supervisors.

The study of 167 firms, published in early October, showed that although 62% of executives said they had a vendor-created technology system to automate Office of Foreign Asset Control (OFAC) screening, and 21% said

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