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
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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