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Regulation
04/11/2024

Watch Out for These AML Red Flags

Compliance consultant Sarah Beth Felix explains why there’s more scrutiny on anti-money laundering compliance and shares the common signs of an ineffective AML program.

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About the authors
Written by
Kiah Lau Haslett Banking & Fintech Editor

Kiah Lau Haslett is the Banking & Fintech Editor for Bank Director. Kiah is responsible for editing web content and works with other members of the editorial team to produce articles featured online and published in the magazine. Her areas of focus include bank accounting policy, operations, strategy, and trends in mergers and acquisitions.

Kiah Lau Haslett
Banking & Fintech Editor
Recent consent orders underline the board’s important role in overseeing Bank Secrecy Act and anti-money laundering programs, but how can directors know if those programs are effective?  The consequences of BSA/AML compliance lapses can be severe. Ineffective compliance by a financial institution can result in civil money penalties; it can also derail growth plans. Boards are often flagged for oversight failures and held responsible for the bank’s remediation. That makes it vital for board members to understand where gaps could exist in their BSA/AML program. To learn more about those red flags, Bank Director reached out to Sarah Beth Felix,…

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