Banks heeding compliance issues, say regulators
WASHINGTON, DC – Amid a high-profile Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) crackdown in the US, federal agencies are confident that their BSA/AML control requirements are now being heeded by banks.
Thomas Schulz, who was assistant general counsel of the Federal Deposit Insurance Corp (FDIC) until his retirement in August, says there is evidence that banks are getting the message. Deutsche Bank is the last major bank to be slapped with an enforcement action by the New York Federal Reserve Bank and the New York Banking Department after being found deficient in its AML control programme. On August 12, the bank reached an agreement to rewrite its BSA/AML controls.
"The bottom line is that
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