Financial institutions find themselves under mounting pressuresfrom regulators to step up their anti-money laundering (AML)game, but a new report from Boston-based AiteGroup – authored in association with security company Early Warning – raises serious questions about theeffectiveness of the programs.
The report is titled: “Anti-Money Laundering: A US$2 BillionSearch for the Needle in the Haystack.”
“The crux of the issue is that banks are doing these things tokeep the regulator happy,” Julie Conroy, research director for retail banking at Aite, said inan interview.
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