May 2010
Risk Management (00355593);May2010, Vol. 57 Issue 4, p34
Trade Publication
The article focuses on the importance of complying with money laundering and terrorist-financing laws to financial institutions. The consequences that may result from a breach of existing anti-money laundering (AML) laws or regulatory requirements include formal enforcement actions/monetary penalties. It cites the impact of breaching AML laws on the regulators' decisions to approve or deny pending applications. It notes that legal risk can also arise from agreements previously reached by the organization being rendered unenforceable. It details the relationship between regulatory and legal risk and reputational risk.


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