Does your organisation have a strong or weak ‘AML culture’? An organisation’s AML/CFT controls can be weakened by a poor AML culture. KPMG’s Forensic team have identified seven building blocks essential for a strong AML culture.
An organisation’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) controls can be easily undermined by a poor culture of compliance. Strong AML culture in an organisation can help prevent shortcomings and help identify issues before they become a concern.
For an organisation to develop strong AML culture, management buy-in and involvement is critical. Managing ML/TF risks and implementing integrated controls to meet compliance objectives should not be done in isolation.
Even where systems and controls are in place to comply with AML/CFT requirements, they can be circumvented, or minimum effort may be taken to "tick a compliance box" rather than actually mitigating risk.
Our Forensic team have identified seven building blocks essential to building a strong AML culture.
The infographic below provide further explanation to each of the 7 building blocks.
© 2017 KPMG, a New Zealand partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.