AML: New Emphasis on Risk-Based Focus
If you try to hit all the targets, you may end up hitting none. If all financial institutions are evaluated against all areas of anti-money laundering efforts, then resources that could be devoted to higher-risk areas are likely to be diverted to lower-risk areas for each particular institution. FinCEN and its regulatory agency partners have issued a new statement designed to permit institutions to indicate where their risks are, to allocate their resources accordingly, and to be evaluated as such. [7/24/19]
