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UK bribery convictions prompt business soul-searching; and innovation in US AML practices
20 May 2022 00:00
For years, financial regulators in the US have urged banks and other financial institutions to experiment with new products to help combat money laundering and other illicit financial activity. And they have increasingly done so. So, why the enthusiasm for automation in anti-money laundering practices? Also on this week’s podcast: the UK bottling businesses that found themselves on the wrong side of the Bribery Act. The take-away from it all wasn’t just that managers should watch out for corrupt behavior, but that if they don’t enforce and promote their internal safeguards, they could wind up in court.
A company bottling drinks for Coca-Cola gives example of how a business that ignores the UK Bribery Act may end up punished in court.
OCC stresses innovation in new rule authorizing exemptions to suspicious activity reporting requirementsFinancial regulators urged banks to experiment with new products to help combat money laundering and other illicit financial activity