US regulators put AML frameworks in spotlight
Financial Crime
In early October, the Federal Reserve and the New York State Banking department found that the New York branch of the UK's Standard Chartered Bank did not have an acceptable AML programme – the branch conducts a high volume of US dollar funds transfer clearing business.
The regulators ordered the bank and its New York subsidiary to jointly submit an AML programme to improve the New York branch's internal controls. The New York branch was ordered to draw up a methodology for assigning risk levels
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