By Brett Wolf
NEW YORK, April 12 (Thomson Reuters Accelus) - A financial institution’s anti-money laundering team must have the authority to question account relationships and business plans, and any objections must be taken seriously. That was one of the key lessons to be learned from the last week’s regulatory enforcement action against Citibank over AML weaknesses, experts said.
A provision of the cease-and-desist (C&D) order, levied by the Office of the Comptroller of the Currency (OCC), obliges Citibank to ensure that its compliance staff has the authority to implement a Bank Secrecy Act compliance program “and, as needed, question account relationships and business plans.” (more…)
