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Stretching anti money laundering resources at smaller institutions

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  • Mele, Angela

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.

Suggested Citation

  • Mele, Angela, 2018. "Stretching anti money laundering resources at smaller institutions," Journal of Financial Compliance, Henry Stewart Publications, vol. 2(1), pages 53-59, September.
    • Handle: RePEc:aza:jfc000:y:2018:v:2:i:1:p:53-59
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    More about this item

    Keywords

    small compliance programmes; small anti-money laundering (AML)/counter terrorist financing (CTF) institutions; resources; training; AML/CTF;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K2 - Law and Economics - - Regulation and Business Law

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