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Daniel P. Stipano quoted in ACAMS article, “European money laundering scandals prompt US compliance reviews: Sources”


Daniel P. Stipano

Daniel P. Stipano was quoted on September 21, 2018 in an ACAMS article, “European money laundering scandals prompt US compliance reviews: Sources,” which discussed the increase of financial crime scandals and compliance-related penalties in Europe, and how US financial institutions are reacting. The article stated, “Since January, European lenders have drawn fire for major lapses in their anti-money laundering controls that enabled corrupt officials, criminals and blacklisted parties from Russia, Eastern Europe, Latin America and North Korea to transact through the global financial system.”

Stipano noted, “The spate of scandals may prompt federal regulators to review how U.S. financial institutions manage the potential risks posed by their European counterparts.” He added, “I’d have to think examiners are paying attention to it and that, at least for the banks that have been in the news lately, are going to take a look at the due diligence around those [U.S. correspondent] accounts and how closely they are being monitored. These are all pretty well-established banks and their risk rating might be relatively moderate, so this may cause them [U.S. correspondent banks] to at least go back and reassess that rating. I think examiners would probably expect that.”

Click here to read the full article.