The U.S. government has fined Rabobank National Association, a California-based subsidiary of Coöperatieve Rabobank U.A. (Rabobank) with EUR 298 million after admitting deficiencies with the Anti-Money Laundering (AML) compliance program.
Money Laundering is a threat to the long-term sustainability of businesses. In the eyes of the regulators, AML is critical because it compromises a company’s image and reputation.
From 2010 to 2017, 21 of the most significant banks in Europe had to pay a fine of approximately EUR 4,198 million for violating AML compliance rules.
In the Positioning Paper ‘AML Management: Challenges and Opportunities’ we analyse the operational issues that cause such high fines and we also take the time to discuss the current challenges that Financial Institutions are facing.
Finally, the Paper explains how innovative technologies are supporting the Compliance function and how FiSer Consulting can help in the transformation process.
The official paper on AML Management can be found here.