AMERICAS FINANCIAL INSTITUTIONS WASTE BILLIONS OF DOLLARS ON INEFFECTIVE AML PROCESSES SAYS TOP BANK ASSOCIATION
February 1st, 2017
THE BILLIONS of dollars that America’s financial institutions have to pour into resources and staff detecting and combating money laundering and terror financing are largely a waste of money, the USA’s top banking association has claimed.
The Clearing House, which represents banks including JPMorgan Chase, Citigroup and Bank of America, has recommended law enforcement, such as experts within the US Treasury’s Financial Crimes Enforcement Network (FinCEN), be far more proactive instead.
In a highly critical report, the Clearing House said many activities ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.