Sixty percent of respondents reported transaction monitoring as the largest investment in anti-money laundering controls. Notably, since KPMG’s first global anti-money laundering survey in 2004, transaction monitoring has consistently been ranked the largest AML compliance cost driver. The continued investment in such systems may represent the continual changes in requirements and expectations as well as the advances in technological capabilities over this period of time.
Satisfaction with transaction monitoring systems has declined with survey respondents ranking satisfaction an average of 3.42 out of 5, compared to 3.6 in 2011. The reason for the decline in satisfaction seems linked to the increased demands on these systems as the costs have continued to increase, but so too have the requirements and expectations of these systems and the number of staff that use them.