Ask The Expert - Anti-Money Laundering

Finance Monthly Magazine

In Finance Monthly Magazine's May edition, Salvatore LaScala, managing director and co-lead of Guidehouse's global investigations and compliance practice, is featured in the "Ask The Expert" Q&A article answering questions related to Anti-Money Laundering.

Q. In your opinion, how robust is the current anti money laundering (AML) regulation?

It is appropriately robust and evolving in a manner consistent with changes in banking, securities, and payment systems.

Q. Typically how do financial institutions manage their money laundering compliance obligations? How can they remain up-to-date and compliant?

Financial institutions face numerous compliance challenges from different areas, including AML and sanctions. Considering the complexity of these regulations, the rigor of examination and competitive business landscape, these financial institutions typically do very well. We are, however, more frequently reminded of examinations that result in an action, whereas successful exams get no mention. Good risk assessments, independent reviews and governance, in particular, accountability, oversight and training, go a long way towards keeping AML and sanction programs up-to-date.

Q. Tell us a bit about your work in the field.

I lead large teams that regularly perform historical transaction reviews (lookbacks) and KYC/CDD/EDD file remediation work. I also help clients overcome AML and OFAC backlogs by deploying teams embedded at our clients’ work sites to that disposition alerts. 

My expertise includes assisting clients with the selection, implementation, optimization, and validation of AML and OFAC compliance technology and enhancing AML transaction monitoring detection scenarios and sanctions filter interdiction logic. 

My work is exciting. I am able to market our great services to clients, deliver those services, lead teams of highly talented people and enjoy the satisfaction of jobs well done. Moreover, as someone who needs to constantly learn and evolve, the introduction of artificial intelligence, machine learning, and robotics process automation lets us provide more effective compliance and investigative solutions than ever before. 

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