Independent Banker - December 2018 - 32

PORTFOLIO
Dirty laundry
Compliance
As concerns about the
criminal misuse of banking
services grow, so does the importance
of anti-money laundering transaction
monitoring. But what is the specific threat to
community banks, and how can they address
it? By Karen Epper Hoffman
ith daily headlines trumpeting the
growing pervasiveness of cybercrime, terrorist
attacks and other malfeasance coming from
foreign and domestic sources, it's no surprise
that banks of all sizes are turning their attention
to their anti-money laundering (AML) controls.
Community banks used to be considered
32 Q ICBA Independent Banker Q December 2018
W
much less at risk for illegal money laundering
than larger institutions. But bankers and regulators
alike are realizing that many criminals
see community banks as an easier platform to
manipulate. Money launderers are counting on
the fact that smaller community institutions,
struggling with a hefty compliance burden,
might be less apt to spot illegal activities, according
to Joe Soniat, Bank Secrecy Act officer at
$13.1 billion-asset Union Bank & Trust of Richmond,
Va.
" The number of threats is definitely increasing, "
Soniat says. " [Community bankers] get that
this is happening, but they can't keep up with it.
It takes a lot of knowledge and focus to track this
Quick stat
$4.5
million
Amount the FDIC
fined Bank of
Mingo for not
managing its
AML policies as
required

Independent Banker - December 2018

Table of Contents for the Digital Edition of Independent Banker - December 2018

Table of Contents
Independent Banker - December 2018 - Intro
Independent Banker - December 2018 - Cover1
Independent Banker - December 2018 - Cover2
Independent Banker - December 2018 - Table of Contents
Independent Banker - December 2018 - 2
Independent Banker - December 2018 - 3
Independent Banker - December 2018 - 4
Independent Banker - December 2018 - 5
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Independent Banker - December 2018 - Cover4
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