Australia

Details

  • Service: Advisory, Risk Consulting, Forensic
  • Industry: Financial Services, Banking
  • Type: Survey report
  • Date: 19/09/2011

Global Anti-Money Laundering Survey 2011 

KPMG’s global research paper provides an insight into the status of local and global banks in combating money laundering and complying with various regulatory regimes.
Global Anti-Money Laundering Survey 2011 cover
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Key findings

  • AML is not a top of mind issue – with only 62 percent of senior management considering it be high priority compared to 71 percent in 2007.
  • Know Your Customer data is not being regularly refreshed which may leave banks exposed to regulatory scrutiny and enforcement action. Conversely, ongoing remediation activity, may be insufficient once the FATCA regulations are released.
  • Transaction monitoring continues to be the biggest AML cost for banks, however there is a level of dissatisfaction with the results of such monitoring, with less than one third of respondents able to monitor a single customer’s transactions and account status across several countries.
  • Respondents in 2004 and 2007 underestimated future spend on AML. Respondents in 2010 estimate that AML costs will rise by 28 percent over the next 3 years, but have they underestimated it again, especially when FATCA is taken into account.
 

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