Boards of directors at banks aren’t engaged enough with concerns about compliance with rules against money laundering and sanctions breaches despite a torrent of scandals and some record-breaking penalties, according to a survey by consulting firm AlixPartners.
Respondents represented about 370 banks. Forty-four percent of them said they didn’t provide, or weren’t aware if they provided, anti-money-laundering or sanctions training and regular briefings to their boards. The results, released Monday, marked a significant increase since last year, when 20% of respondents said they didn’t train their boards.