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ARTICLE · 23 NOVEMBER 2013

AML: A Corporate Governance Issue

WilmerHale
WilmerHale
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stimates place the amount of money illegally "laundered" through United States banks in the hundreds of billions of dollars each year.1 For more than five decades, the U.S. government has attacked money laundering, in part, through anti-money laundering ("AML") disclosure, monitoring, and reporting requirements placed on financial institutions.

United StatesCorporate/Commercial Law

This article begins with a brief overview of anti-money laundering statutory and regulatory developments written with a board director in mind. It then lays out steps and actions the board should take to ensure that its knowledge stays current, responsibilities and lines of authority are clear, and monitoring and accountability become part of the institution's culture.

Originally published in the November/December edition of The Banking Law Journal. View the full article.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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