The Panama Papers ensnared foreign heads of state and financial institutions, but they’re also likely to have a ripple effect in the U.S., with enforcement agencies sharpening their focus on anti-money laundering and Bank Secrecy Act reviews.
That may cause some sleepless nights for credit union executives, who already are feeling the weight of AML and BSA compliance, experts said.
“Typically, credit unions have a low risk profile,” Robert Pargac, a director for Navigant's Global Investigations and Compliance practice, said. Navigant is a Chicago-based consulting firm.
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