U.S. Banking Compliance Handbook

Suszek advises banks on ways to comply with new industry regulations in this debut trade manual.

New regulations attempting to root out money laundering and terrorism-financing practices have been placed on the American banking industry, and those institutions that are unable to comply with current standards will face the threat of millions of dollars in fines. Additionally, expanding into other countries—and thus coming under the regulations of those nations—creates even more issues for financial institutions. This book seeks to serve as an “introduction to the world of banking compliance; its purpose is to provide you with a quick reference to the critical factors you must consider in effectively managing the compliance risk within your financial organization.” The work explains the importance of risk assessment, identifying activities, account types, and individuals who might compromise a financial institution’s legitimate business. The author further explains how a bank’s relationship with nonbanking financial institutions can further place it in jeopardy via its participation in risky behaviors. He details operational factors that act as a safeguard against unwanted risk, including daily actions to ensure compliance and red-flag activities that might disguise laundering. Suszek includes a section of “Industry Insights,” covering topics such as the culture and cost of compliance, professional liability, tax evasion, and auditing. The book is directed at banking professionals. Unsurprisingly, the prose is technical and dry, laden with industry jargon and minutiae of little interest to the general reader. Suszek is the founder of Global RADAR, a provider of compliance software, and this volume acts in part as promotional material for its services. (He directs some of his criticism at out-of-date practices, which his own company’s software can conveniently replace.) Even so, the author establishes his expertise in the field by offering much helpful information and advice. In an era when banks are viewed with increasing suspicion, the satisfaction of industry regulations and the appearance of responsible business practices are essential for both fostering public confidence and remaining on the right side of the law.

A guide about industry regulations and risk assessment for banking professionals.