Court Holds Officer Responsible for AML Failures

February 1, 2016

A U.S. District Court in Minnesota has just made anti-money laundering (AML) compliance a bit more personal. The court has ruled that compliance officers and other individuals can be held responsible for AML control failures under the Bank Secrecy Act (BSA).

For former MoneyGram Chief Compliance Officer Thomas Haider the ruling is bad news—it means that he still may be required to pay the $1 million civil money penalty being imposed by the Financial Crimes Enforcement Network (FinCEN).

AML continues to be a growing concern for financial institutions, and Technavio's market research analyst estimates that the AML software market is expected to grow at a compound annual growth rate of 11% between 2016 and 2020.

Analysts estimate that the Americas will be the largest market for AML while the APAC region will witness the fastest growth. According to the report, factors driving the growth are strict AML regulations, increasing need for regulatory compliance, increasing demand for automated transaction monitoring systems, and the growing acceptance and adoption of these solutions.

We have recently launched a new version of its AML solution, which offers financial institutions the ability to meet all their Know Your Customer (KYC), Transaction Monitoring, Regulatory Reporting, and Sanctions List Screening requirements in one platform. This solution reduces compliance workloads and safeguards against hefty fines and penalties for non-compliance.

Our AML Compliance also offers a variety of key capabilities that improve the effectiveness of compliance programs. This includes auto-generated customer risk scores and regulatory reports, sanctions list screening, and monitoring of 100% of transactions from any data source so unusual activities are discovered quickly.

About Andrew Simpson

Andrew Simpson (LinkedIn | Twitter) is Chief Operating Officer at CaseWare RCM and has more than 20 years of experience building businesses in the fields of information systems audit and security, data analytics, Anti-Money Laundering and forensics. He is a regular contributor to conferences and a recognized thought leader in financial crime management.

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