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About JIFS

Recent headlines that related to both the Bank Secrecy Act of 1970 (BSA) and anti–money laundering (AML) reflect the view that regulators have increased their scrutiny of financial institutions’ boards of directors and senior management for failing to correct alleged compliance shortcomings. As a result, the issue of individual accountability for AML violations continues to gain traction.

In recent years, U.S. authorities have increased their scrutiny of financial institutions’ anti-money laundering controls. In light of this development, banks and other institutions have begun to reassess perceived or actual AML risk across their operation. The notion of how institutions address risk is gaining traction again. In January, the Federal Deposit Insurance Corp. weighed in on the issue, stressing that instead of cutting ties with entire lines of businesses, financial institutions should take a measured approach to managing banking relationships.