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stimates place the amount of money illegally "laundered" through
United States banks in the hundreds of billions of dollars each year.1
For more than five decades, the U.S. government has attacked money
laundering, in part, through anti-money laundering ("AML") disclosure,
monitoring, and reporting requirements placed on financial institutions.
This article begins with a brief overview of anti-money
laundering statutory and regulatory developments written with a
board director in mind. It then lays out steps and actions the
board should take to ensure that its knowledge stays current,
responsibilities and lines of authority are clear, and monitoring
and accountability become part of the institution's
culture.
Originally published in the November/December edition of The
Banking Law Journal.
View the full article.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
