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Stretching anti money laundering resources at smaller institutions
Journal of Financial Compliance,
2
(1),
53-59
(2018)
Abstract
Whether viewed as a ‘cost centre’, ‘necessary evil’ or ‘business interruption’ by management and sales, AML/CTF and compliance is here to stay. Small firms and small compliance departments within medium to large financial service providers often struggle with a lack of resources, undertrained and overwhelmed staff, increasing responsibilities and limited budgets. How does an AML specialist deal with these issues and continue to meet the job requirements while addressing growing books of business, increasing international initiatives, regulatory requirements and a more competitive market for AML experts? A creative and sometimes inventive approach needs to be applied. This paper provides ideas for those professionals in the situation where requirements may outstrip resources.
Keywords: small compliance programmes; small anti-money laundering (AML)/counter terrorist financing (CTF) institutions; resources; training; AML/CTF
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Author's Biography
Angela Mele has over 20 years of international financial services experience, having worked at Leeds Management Services in Bermuda, then with the Cayman Islands Monetary Authority, and most recently, as Head of Compliance and Training of Citi Hedge Fund Services (Cayman) Ltd. Angela left her position with Citi to manage RiskPass AML+Compliance Ltd in December 2007. Angela is a Certified Anti-Money Laundering Specialist (CAMS) and is a member of the International Compliance Association (MICA). In addition, she holds a Bachelor of Arts degree from the University of Western Ontario, a Bachelor of Education from York University and received the designation of Certified Advanced AML Audit Specialist (CAMS-Audit) in January 2014. Angela has experience running in-house compliance programmes, performing internal anti-money laundering (AML) and counter terrorist financing (CTF) audits and serving as the money laundering reporting officer for relevant financial businesses. She has designed and delivered AML, CTF and business continuity training sessions for industry associations and companies both locally and globally. Such groups include the Association of Certified Anti-Laundering Specialists (ACAMS), the Caribbean Regional Compliance Association, GovRisk, Central Law Training (UK), the Cayman Islands Bankers’ Association, the Cayman Islands Monetary Authority and the Cayman Islands Fund Administrators Association (CIFAA). From 2005–2007 Angela chaired the ACAMS Caribbean Task Force and since 2006 has served as the Secretary to CIFAA and is their immediate past chair of the Educational Subcommittee.
