South Africa


  • Service: Advisory
  • Industry: Financial Services
  • Type: Business and industry issue
  • Date: 2014/05/26

2014 Global Anti-Money Laundering Survey 

How is the Financial Services industry rising to today’s global anti-money laundering challenges?
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 organization.

The Global Anti-Money Laundering Survey 2014 (PDF 2,35MB) explores the ways in which organizations 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.

key issues Regulatory approach is fragmented and inconsistent Sanctions compliance shows sign of improvement, but still a sore spot Politically Exposed Persons continue to leave organizations exposed Know Your Customer continues to be the focus of regulators Transaction monitoring costs continue to soar as satisfaction declines Outsourcing and off-shoring are growing trends Training and recruitment require a globally consistent approach Cost of compliance continues to be underestimated Senior management focus on the rise

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Tersia Rossouw

Head of Compliance & Monitoring

Tel: +27 082 719 0300

View the full report

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