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AML professionals and frontline staff: Bridging the divide
Journal of Financial Compliance,
1
(1),
46-55
(2017)
Abstract
In today’s high-stakes world of personal liability and increasing regulatory scrutiny the Anti-Money Laundering (AML) professional cannot shirk from potential clashes that can sometimes occur between the frontline and AML staff. Frontline staff and AML professionals constitute a partnership that must be mutually supportive: while risk perceptions between front staff and AML staff may differ, it is invaluable to remember both are part of a greater whole. The frontline is tasked with generating and maintaining revenue sources, AML professionals with protecting the integrity of those revenue streams by weeding out bad actors. While these motivations may seem opposing there is an opportunity to use one another’s expertise and bridge the ‘gap’. Collaboration, training, creation of a common risk language, matrix and risk indicators, along with basic relationship building, can combine to create a strong AML programme that both protects the bank and preserves revenue.
Keywords: interdepartmental; collaboration; training; partnership; common risk language; matrix
The full article is available to subscribers to the journal.
Author's Biography
Heather Allen is the BSA officer for Peoples Bank North Carolina and Banco de la Gente, a branch of Peoples Bank. The bank has been in business since 1912, growing from a single office to 16 banking centres and five loan production offices throughout North Carolina (Peoples Bank operates four Banco de la Gente offices and three loan production offices). Prior to joining People’s Bank in 2016 Heather was VP for Enterprise Risk Management and Compliance for Xenith Bank in Richmond Virginia where she designed an expandable BSA/AML programme to meet the needs of an institution that completed five mergers during her tenure and grew from 120 million in assets to over three billion. Heather has over 18 years of experience in AML/BSA, risk management and compliance. She is on the Virginia ACAMS Board and is a Certified Regulatory Compliance Manager (CRCM) as well as a Certified AML and Fraud Professional (CAFP).
Anne Archer joined Xenith Bank as the BSA/AML officer and manager in 2015. Anne oversees the bank’s compliance with all facets of BSA, USA PATRIOT Act and OFAC while also overseeing the bank’s fraud department. Prior to joining Xenith she held various positions in the BSA compliance department with United Bankshares Inc. where she found her passion implementing strategic planning and programme development guidance across business lines. Anne has a liberal arts degree from West Virginia University and is a Certified Anti-Money Laundering Specialist, as well as a Certified AML and Fraud Professional.
