Is AML Compliance the First Step to GRC Nirvana?
Monday, March 05, 2007
Posted in: General
While I was researching the anti-money laundering (AML) landscape to prepare for our participation at the moneylaundering.com & Money Laundering Alert 12th Annual International Conference & Exhibition in Hollywood Florida on March 19, I found a couple of good articles at the FST (Financial Services Technology) online magazine. In his article “AML Compliance: Leading the Way to an Enterprise Approach,” Brian Kloostra, an executive at Crowe Chizek and Co. LLC, a top 10 accounting and consulting firm, provides some good insights into how investments made in a solid BSA/AML compliance program can pave the way to building “a strong risk-based, enterprise-wide compliance program that is part of a sound governance and ERM structure.”
In his article “The lowdown on laundering,” RBC Centura’s Chief Compliance Officer Dan Soto answers some hard questions about the current state of AML. Soto says that rather than focus on his estimate of several trillion dollars lost to money laundering, “a more important metric is to look at how well we are doing in identifying or reporting suspicious activity that potentially involves money laundering – and I think in this regard there have definitely been signs of improvement.” Both of these articles are worth a read.