Financial Regulation International
"LOL" is an insufficient compliance term
by Tamas Kadar
In the realm of anti-money laundering (AML) compliance, casual attitudes and superficial solutions have allowed serious financial
crimes to thrive. A
recent landmark fine
1 in a settlement case - where employees openly joked about flagrant money laundering with comments like "LOL, you guys really
need to shut this down" - highlights the dangers of such an approach to compliance. Instead of implementing robust, data-driven
controls, institutions have enabled criminal activity to flourish by allowing complacency and inadequate oversight to replace
genuine AML enforcement.