Although U.S. anti-money laundering (AML) laws and Office of Foreign Assets Controls (OFAC) regulations of financial institutions are not new developments, the heightened enforcement of these laws by the U.S. Government raise increasingly significant compliance risks for financial institutions. The U.S. Government devotes significant resources to AML and sanctions enforcement, as evidenced by the recent $350 million in fines imposed on Lloyds TSB Bank Plc for laundering funds related to sanctioned countries and entities.
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