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  • Type: Survey report
  • Date: 2/11/2014

Global Anti-Money Laundering Survey 2014 

Throughout the last ten years, financial institutions have ridden the highs, and plunged to the lows of the economic cycle. Despite these dramatic changes in the business environment, Anti-Money Laundering (AML) has remained a key focus area.

In fact, AML has never been higher on senior management’s agenda, with regulatory fines now running into billions of dollars, regulatory action becoming genuinely license threatening, and threats of criminal prosecution against banks and individuals.

Financial institutions are making significant changes in response to regulatory action and increasingly far-reaching global AML regulations, changing the AML scene from a standalone function under compliance, to an increasingly complex and overarching function cutting across legal, risk, operations and tax. Strong AML processes and controls are at the heart of inter-dependencies and linkages within a global organisation.

The Global Anti-Money Laundering Survey 2014 explores the ways in which organisations are preventing, detecting, and responding to AML compliance risks. The survey was deployed in November 2013 and distributed to AML and compliance professionals in the top 1,000 global banks in 48 countries, garnering responses from 317 participants.
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Some key findings:
  • About 80 percent of respondents in the Asia Pacific (ASPAC) region indicated that boards of directors take an active interest in AML, an improvement from just 50 percent in 2011.
  • Some 51 percent of ASPAC respondents indicated AML issues are regularly discussed at the board level, compared to the global average of 66 percent.
  • Only 47 percent of ASPAC financial institutions offer AML training to their board members, 15 percentage points lower than the global average.
  • Some 82 percent of ASPAC respondents indicated the pace and impact of regulatory change is a top concern.
  • Some 46 percent of ASPAC respondents ranked recruitment as one of the top three AML budget spending areas.