Regulators have been steadily raising the bar on financial crimes compliance. So, how can financial institutions position themselves to clear it? Reinforcing the internal audit function as the last line of defense between a bank and its regulators is a primary step. Consistent with prior...

More stringent Bank Secrecy Act/anti-money laundering (BSA/AML) requirements point to an increasingly complex and difficult compliance environment for banks and nonbank financial institutions. Industry growth and heightened regulatory expectations are the primary drivers. Globalization has resulted in industry growth and a significant increase in...

As banks and other financial institutions face increased regulatory scrutiny, they are required to better understand and conduct independent validations of the models they rely on for anti-money laundering (AML) purposes. These models, like financial and economic models, are expected to be validated prior...