China

Details

  • Service: Advisory, Transactions & Restructuring, Forensic
  • Industry: Financial Services, Banking
  • Type: Business and industry issue, Survey report
  • Date: 9/20/2011

Global Anti-Money Laundering Survey 2011 - How banks are facing up to the challenge 

Our latest Anti-Money Laundering (AML) survey explores where AML fits into the changing risk and regulatory landscape facing the financial sector. It reports the views of the survey participants on their areas of focus and challenge, and also contains commentary from KPMG on what our client work in this space tells us.

 

The highlights of the survey include the following:

  • AML is still on the radar of many banks' leadership, but is being squeezed by other priorities.
  • AML continues to be a significant and rising expense for banks, but many under-estimate how much it costs.
  • PEPs and sanctions are a major focus for banks and governments alike, however both are far from straightforward to get to grips with.
  • Transaction monitoring policies and systems are generally seen as satisfactory, but with plenty of room for improvement.
  • KYC data is generally collected and updated both robustly and regularly, but there is great variation in the approach used.

  


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