Tied up in knots
Do rules or risk management fight money laundering best? US regulators think the latter, but their approach has left banks feeling not so sure. Nick Kochan reports
Question: When is a risk not a risk?
Answer: When it’s a rule.
This joke, which is currently doing the rounds among anti-money laundering (AML) officers at US financial institutions, sums up the frustration many bankers feel with a vagueness at the heart of the US system of banking regulation, and particularly in the anti-money laundering area of banking supervision. The AML area was meant to be one
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