Top 5 Reasons BSA/AML Programs Fail And How to Ensure Yours Doesn't

Banks of all sizes were levied with high fines over the past few years due to non-compliance with anti-money laundering requirements resulting in increased supervisory attention on BSA/AML regulations by federal banking agencies. Money laundering and terrorist financing undermine the integrity and stability of financial institutions and systems. They lead to slower economic growth by reducing productivity in the economy's real sector, diverting resources and encouraging crime and corruption. Having an effective anti-money laundering program in place will provide comfort to your customers in a challenging environment. Equally important, an AML program will help support compliance with regulations to prevent large fines, expensive legal battles and PR damage that can have a long-lasting effect on the organization.