Australia

Details

  • Service: Advisory, Risk Consulting, Forensic, Topics, Fighting Fraud
  • Industry: Financial Services
  • Type: Survey report
  • Date: 10/02/2014

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.
Global Anti-Money Laundering Survey 2014
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The Global Anti-Money Laundering 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.

 

The survey compares firms’ AML programs and looks at emerging areas of risk, such as trade finance and tax evasion, as well as AML trends within the Insurance and Asset Management sectors.

 

Key insights

  • AML issues are moving back up the agenda for senior management.
  • Costs of compliance continue to rise.
  • AML is moving up the board agenda in ASPAC but survey findings show active interest still lags behind global averages.
  • Politically Exposed Persons (PEPs) remain an area of focus, gaining increased attention from senior management.
  • Know Your Customer continues to be an area of concern.
  • Sanctions compliance remains a challenge as new issues emerge.
  • Transaction monitoring systems continue to represent the greatest area of AML spending.
  • Regulators in Asia are becoming more vocal in their expectations with respect to the role of the board in oversight of AML programs.
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    Futher information

    View our Global website for further analysis.

 

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