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2016 Q3

Fixing AML

Fifteen years on from 9/11, the use of anti-money laundering efforts has become a key element of disrupting terrorist financing (AML/CFT). Banks have been deputized to assist law enforcement with this effort, through compliance with the Bank Secrecy Act, its implementing regulations and OFAC sanctions programs. Yet, despite significant resources dedicated to stopping illicit financial transactions, perverse incentives have created an AML/CFT regime that is inefficient. The authors in this issue of Banking Perspectives examine the current AML/CFT regime and offer solutions and models that could improve its efficiency and overall effectiveness.

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