Compliance Risk and Diligence
Complying with anti-money laundering and anti-bribery and corruption regulations.Compliance Risk and Diligence
John Arvanitis, Managing Director in the Compliance Risk and Diligence practice of Kroll, a division of Duff & Phelps, was featured in American Banker discussing anti-money laundering (AML) and the provisions that will come with the proposed changes of the Illicit Cash Act.
In his article, “Bipartisan AML bill is just the right touch,” he discusses how the Illicit Cash Act would address many of the industry’s longstanding concerns and would help to streamline suspicious activity reporting to aid in combating financial crime.
He states “The Illicit Cash Act, or some form of it, is likely to become law, given the broad consensus for AML reform. Bank boards, CEOs and AML officers should use the act’s introduction as an early warning to thoroughly examine internal AML programs and make the improvements necessary to keep pace with this rising bar. Several areas in particular warrant attention.”
Read the full article in American Banker.