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Partner Paula Anderson (Litigation-New York) and associate Colin Vaughn-Casey (Litigation-New York) co-authored an article, “AML and Sanctions Compliance Risk Management for Financial Institutions,” that was published in Risk, Governance & Compliance for Financial Institutions 2015 (Financier Worldwide).
In this article, the authors state that with the United States’ increasing use of economic sanctions to resolve international crises, financial services firms must comply with ever-expanding and aggressive sanctions and anti-money laundering regimes. Financial institutions that implement effective compliance procedures will minimize their compliance risks and mitigate potential enforcement actions. The authors analyze recent enforcement actions and offer guidance on best practices, noting that the commitment to promote a culture of compliance “is best evidenced from the top down, with leadership that supports and encourages compliance efforts, and does not allow profit motives to take precedence.”