April 28, 2008

The ongoing battle to expose terrorist financing and recent revelations that anti-money laundering systems helped expose former New York Gov. Eliot Spitzer's illicit activities have intensified public awareness of AML efforts. But the banking industry has been challenged by intensified AML compliance requirements since the Sept. 11 terrorist attacks and the subsequent enactment of the USA Patriot Act. As banks look to step up efforts to monitor their customers' financial activities and comply with increasingly stringent regulations, what kinds of technologies, processes and information are essential to building an effective and accurate AML program? And what new AML challenges are banks likely to face in coming months?