Intesa Sanpaolo takes $235 million hit for AML failures

Megan van Ooyen from SAS rounds up the top five operational risk losses for December 2016

Intesa Sanpaolo officers manually bypassed automated controls, resulting in sanctions breaches

Efforts to combat money laundering and prevent transactions with internationally sanctioned entities have been a priority of financial regulators around the globe in recent times – nowhere more so than in the US. Take, for example, the New York Department of Financial Services (DFS), which has significantly ramped up its Bank Secrecy Act and anti-money laundering enforcement actions in the past few months.

In December, the regulator obtained a multimillion-dollar settlement from Intesa Sanpaolo

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