AML professionals and frontline staff: Bridging the divide

Heather Allen and Anne Archer
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Heather Allen: First Vice President, BSA Officer, Peoples Bank North Carolina, USA

Journal of Financial Compliance, 2017, vol. 1, issue 1, 46-55

Abstract: In today’s high-stakes world of personal liability and increasing regulatory scrutiny the Anti-Money Laundering (AML) professional cannot shirk from potential clashes that can sometimes occur between the frontline and AML staff. Frontline staff and AML professionals constitute a partnership that must be mutually supportive: while risk perceptions between front staff and AML staff may differ, it is invaluable to remember both are part of a greater whole. The frontline is tasked with generating and maintaining revenue sources, AML professionals with protecting the integrity of those revenue streams by weeding out bad actors. While these motivations may seem opposing there is an opportunity to use one another’s expertise and bridge the ‘gap’. Collaboration, training, creation of a common risk language, matrix and risk indicators, along with basic relationship building, can combine to create a strong AML programme that both protects the bank and preserves revenue.

Keywords: interdepartmental; collaboration; training; partnership; common risk language; matrix (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2017
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