Global Anti-Money Laundering Survey 2014 | KPMG | GLOBAL

Global Anti-Money Laundering Survey 2014

Global Anti-Money Laundering Survey 2014

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.

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Global Anti-Money Laundering Survey

Throughout the last ten years, financial institutions have ridden the highs, and plunged to the lows of the economic cycle. Despite these dramatic changes in the business environment, Anti-Money Laundering (AML) has remained a key focus area.

In fact, AML has never been higher on senior management’s agenda, with regulatory fines now running into billions of dollars, regulatory action becoming genuinely license threatening, and threats of criminal prosecution against banks and individuals.

Financial institutions are making significant changes in response to regulatory action and increasingly far-reaching global AML regulations, changing 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 interdependencies and linkages with a global organization.

The Global Anti-Money Laundering Survey 2014 explores the ways in which organizations are preventing, detecting, and responding to AML compliance risks. The survey was deployed in November 2013 and distributed to AML and compliance professionals in the top 1,000 global banks in 48 countries, garnering responses from 317 participants.

Cost of compliance continues to be underestimated

The cost of AML compliance has increased since 2011 and remains a key area of weakness for senior management.

 
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Senior management focus on the rise

A survey targeting AML and compliance professionals in the top 1,000 global banks with a view into emerging trends and industry perceptions on AML.

 
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Training and recruitment require a globally consistent approach

Effective training is vital for developing and retaining AML professionals as well as ensuring the successful implementation of an AML framework.

 
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Outsourcing and off-shoring are growing trends

Outsourcing and off-shoring of AML functions are growing trends, but respondents still appear to have reservations about adopting such practices.

 
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Transaction monitoring costs continue to soar as satisfaction declines

Although transaction monitoring systems represent the greatest area of AML spending, regulatory requirements are still outpacing system improvements.

 
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Know Your Customer continues to be the focus of regulators

Regulatory visits continue to focus on ‘Know Your Customer’, directly impacting AML investment decisions.

 
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Politically Exposed Persons continue to leave organizations exposed

Financial institutions are more focused than ever on exercising more scrutiny over PEP transactions.

 
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Sanctions compliance shows signs of improvement but still a sore spot

Sanctions compliance remains difficult as survey respondents rank customer screening the most difficult challenge.

 
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Regulatory approach is fragmented and inconsistent

Regulatory considerations seen as the largest driver behind AML investment decisions.

 
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Respondent profile and methodology

A survey targeting AML and compliance professionals in the top 1,000 global banks with a view into emerging trends and industry perceptions on AML.

 
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