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.
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