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The importance of developing a culture of compliance within financial institutions has been a much-talked about topic for many years, encouraging banks and other obligated institutions to make AML compliance part-and-parcel of their day-to-day business processes. The current industry environment of increasing compliance needs and regulatory scrutiny is now bringing the need for a strong culture of compliance to the forefront once again. Regulatory agencies are focusing on this culture and how deeply it permeates the entire organization in the same way that customer service, employee ethics or company profitably do.

AML regulations and guidance have grown over the years, expanding not just within established industry segments, but also to new and emerging segments to provide coverage against risk of money laundering abuse across the broad and complex global financial system. Despite the increased focus on money laundering prevention, individuals and organizations attempting to launder funds have become experts in exploiting weaknesses in AML strategies.

In this climate of both increased compliance and exploitation, regulatory scrutiny has become the norm, changing the ways in which financial institutions must evolve in order to remain compliant. The constantly changing landscape due to new money laundering schemes, new technologies, and new regulations and guidance makes for a complex web of moving parts that the AML compliance professional must manage.

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