• Service: Advisory, Risk Consulting, Forensic, Tax
  • Industry: Financial Services
  • Type: Survey report
  • Date: 1/29/2014

Outsourcing and off-shoring are growing trends 

Outsourcing and off-shoring
Outsourcing and off-shoring of Anti-Money Laundering (AML) functions are growing trends, but respondents still appear to have reservations about adopting such practices due to a perceived lack of control and oversight. This suggests that in some cases, fears of regulatory fines may outweigh the cost and resource benefits of outsourcing and off-shoring.

Fifty percent of respondents do not expect outsourcing and off-shoring to rise in the future. Nevertheless, these figures represent a significant decrease from our previous findings in 2011 where 80 percent of respondents did not believe either of these would be growing trends.

Ten percent of respondents in 2011 stated that they outsourced and/or off-shored some of their AML functions. However, by 2014, 31 percent of respondents have outsourced some of their AML functions; the most common function to be outsourced is account opening. This is not surprising as this function is process driven and can be fairly labor intensive.


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