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.