Why Banks Became Law Enforcement 'Deputies'
September 11, 2013 05:15 PM
Financial institutions are required to thoroughly "know" their customers and vet transactions for potential criminal connections in a way that other critical service industries are not. (Imagine an electric company quizzing its customers about what appliances they plug into the wall.) Ellen Zimiles, a former assistant U.S. attorney who now heads the global investigations and compliance practice at Navigant Consulting, explains why banks have been given special responsibilities.