Anti-Money Laundering (AML) has never been higher on senior management’s agenda, with regulatory fines now running into billions of dollars, and regulatory action becoming genuinely license threatening.
Financial institutions are making significant changes in response to regulatory action and increasingly far-reaching global AML regulations; with numerous new regulations across Asia, and the US Foreign Account Tax Compliance Act (FATCA) having an impact; and the Fourth European Money Laundering Directive (4MLD) still to come.
These initiatives have quickly changed the AML scene from a standalone function under compliance, to an increasingly complex and overarching function cutting across legal, risk, operations and tax. Strong AML processes and controls are at the heart of inter-dependencies and linkages within a global organization, offering invaluable client knowledge that is only recently starting to be leveraged by other departments as well as senior management.
The Global Anti-Money Laundering Survey 2014 highlights that AML initiatives are becoming increasingly interconnected across operations and jurisdictions as a result of a demanding and continuously evolving regulatory landscape.
The survey compares firms’ AML programs and looks at emerging areas of risk, such as Trade Finance and Tax Evasion, as well as AML trends within the Insurance and Asset Management sectors.
Global Anti-Money Laundering Survey 2014