KPMG Global AML Survey 2014
KPMG Global AML 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. Information collected by AML teams is now being leveraged across organizations in an industry wide effort to meet regulatory requirements and keep up with industry expectations.
Many global financial organizations have continued to invest significantly in AML controls and secure senior management engagement. However, considerable challenges remain. In particular, since 2004, transaction monitoring has been the greatest investment, but remains an area of weakness. Maintaining up to date customer records as well as obtaining and retaining trained staff also proves to be a challenge.
Although the financial services industry is increasingly moving towards a globally standardized approach, there is still notable inconsistency with regard to implementation of AML controls at regional and local levels. This is not too dissimilar from the fragmented approach regulators continue to display in their global efforts to manage financial crime. Despite some positive steps and evident strides in coming to grips with the 21st century challenges posed by money laundering threats, regulators and the financial services industry continue to lag behind today’s globally connected money launderers. Inconsistent regulations have left gaps in which money launderers thrive, and as such, it will become essential that regulators implement a consistent regulatory approach, but also foster a closer working relationship with industry professionals in order to leverage each other’s resources, align mutual interests, and effectively tackle financial crime.
The way in which financial institutions respond to AML challenges will continue to remain subject to public scrutiny as regulators, investors, and members of the public continue to stress the importance of managing these risks effectively.
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