Some of the key questions the survey addressed included:
- Is AML still on the radar of banks’ leadership?
- How much is AML and related activity costing, and how much will it cost in the future?
- Where does AML fit into the changing landscape of risk and regulation in the financial sector?
- What is being done to get to grips with the challenges around PEPs and sanctions?
- How satisfactory are transaction monitoring policies and systems, and how could they be improved?
- How frequently and robustly is KYC data collected and updated?
- What do banks think about regulatory approaches to AML?
Does AML still have a place at the top table?
Senior management’s interest in AML is being squeezed by competing priorities.
AML costs are rising faster than many think
AML continues to be more expensive year on year, so why is this often not predicted?
The spotlight is firmly on “Politically Exposed Persons” (PEPs)
An increased focus on bribery and corruption, together with the Arab Spring, means that PEPs are now on all banks’ radars.
More than just compliance – AML and the wider banking world
AML work can prevent major reputational and regulatory problems, but can also add value on wider risk management and operational practice.
Predicting the future by looking at the past
What can we learn from comparing and contrasting our three global AML surveys so far?