Financial institutions are likely to face heightened risks in the era of the global financial crisis. In this context, there is a pressing need for boards of directors to take a proactive role in preparing their institutions to navigate the evolving anti-money laundering risk landscape. This involves moving beyond compliance to develop a robust framework that actively identifies, assesses, and mitigates potential anti-money laundering risks. In addition, it is essential for boards to hold management accountable for fostering a culture that prioritizes risk management over a narrow focus on compliance. This is critical for a financial institution that operates on a global scale to ensure it aligns with both international standards and the specific legal and regulatory requirements of each location in which it operates. This chapter reviews the current state of the art in the management of anti-money laundering and discusses the role of boards in ensuring that their institutions can achieve both strategic objectives and regulatory compliance while upholding high standards of corporate governance.