What challenges do banks face in terms of their anti-money laundering (AML) practices?
Michael Zeldin, Deloitte: The biggest challenge facing banks is the enhanced Bank Secrecy Act targeted examination that focuses principally on transaction monitoring and the implementation of “know your customer” procedures. The bank examiners are not only looking to see how banks are able to know their customers and monitor their transactions for suspicious behavior on a day-to-day basis; they are also looking at how banks have done this over the previous two years. If examiners find deficiencies – if the bank does not adequately monitor its transactions or know its customers – they are ordering banks to conduct transaction reviews. Saskia Rietbroek-Garces, Association of Certified Anti-Money Laundering Specialists (ACAMS): Detecting terrorist financing probably is one of the most challenging tasks for both small and large banks. The 9/11 Commission found that little has been learned since Sept. 11 about how Al Qaeda gathers, controls and moves its money and finances its operations. I
