Benjamin W. Hutten quoted in S&P Global article, “Banks can expect return to strict oversight of anti-money laundering rules”
S&P GlobalBenjamin W. Hutten
The S&P Global article, “Banks can expect return to strict oversight of anti-money laundering rules,” examined how the country’s emergence from Covid-19, coupled with the recently enacted U.S sanctions against Russia, will lead to a renewed focus on AML enforcement.
There is general agreement that compliance is a high priority for banks overall, but Hutten noted, that not all banks have the same exposure to risks related to AML and sanctions. “A small bank focused on providing consumer credit within its community doesn't merit the same scrutiny that a large bank might. But the general approach is fairly consistent: Review exposure, memorialize conclusions about risk, and adjust controls accordingly.”