Personal liability—these two words took the compliance profession by storm after former U.S. Deputy Attorney General Sally Yates issued the so-called “Yates Memo” titled Individual Accountability for Corporate Wrongdoing1 in September 2015. Issued in response to criticism that individuals were not being held accountable...

With so many regulatory enforcement actions impacting America’s corporate landscape today—especially citing failures to comply with anti-money laundering (AML) requirements—has anyone asked, “Where were the auditors?” A bank’s internal, independent audit function is the last line of defense before regulators and law enforcement, and...