Stretching anti money laundering resources at smaller institutions

Angela Mele

Journal of Financial Compliance, 2018, vol. 2, issue 1, 53-59

Abstract: Whether viewed as a ‘cost centre’, ‘necessary evil’ or ‘business interruption’ by management and sales, AML/CTF and compliance is here to stay. Small firms and small compliance departments within medium to large financial service providers often struggle with a lack of resources, undertrained and overwhelmed staff, increasing responsibilities and limited budgets. How does an AML specialist deal with these issues and continue to meet the job requirements while addressing growing books of business, increasing international initiatives, regulatory requirements and a more competitive market for AML experts? A creative and sometimes inventive approach needs to be applied. This paper provides ideas for those professionals in the situation where requirements may outstrip resources.

Keywords: small compliance programmes; small anti-money laundering (AML)/counter terrorist financing (CTF) institutions; resources; training; AML/CTF (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jfc000:y:2018:v:2:i:1:p:53-59

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