In this episode of “Financial Crime Matters,” Kieran Beer talks with ACAMS colleague Craig Timm, senior director of AML at ACAMS.
Timm and Beer do a deep dive into the recent settlements by TD Bank with the U.S. Department of Justice, the Federal Reserve Board, the Office of the Comptroller of the Currency and the Financial Crimes Enforcement Network that resulted in more than $3 billion in monetary penalties, ongoing remediation and monitorships, as well as the prosecution of two bank insiders. With more individual prosecutions likely, Timm and Beer lay out the lessons for financial institutions (FIs) regarding settlements and discuss how compliance professionals can protect themselves from culpability when their FIs go astray.
