Anti-money-laundering expert: Stronger punishments, including jail time for executives involved, would be effective. Kevin Sullivan says stricter regulations, closer monitoring of AML programs and getting those programs up-to-speed should be top priorities. HSBC’s Bank Secrecy Act violations resulted from a breakdown of leadership, Sullivan contends. Sullivan: “You have to make the cost of punishment greater than the benefit of the crime” Sullivan: More regulation may be needed, but banking institutions have no incentive to change.”]
Source: https://www.cuinfosecurity.com/how-to-deter-money-laundering-a-5523