Senior Management Is Increasing Efforts To Combat Money Laundering
Attention being paid by senior management to money laundering challenges is at an all-time high according to findings from a new KPMG International report. Nine in ten of respondents said that AML issues are back at the top of the agenda for senior management rather than being squeezed by competing priorities. A majority of respondents stated that money laundering is considered a high risk area within their business risk assessment, further emphasizing how seriously management deems failures to meet the regulatory requirements. "With regulatory fines now running into the billions of dollars, anti-money laundering has never been a higher priority for senior management at financial institutions," said Teresa Pesce, Head of AML Services for the Americas Region for KPMG. While the pace of regulatory changes is a big challenge for financial services firms, most organizations are planning to increase their investment in AML. The top three areas where AML budget has been invested are: transaction monitoring systems; updating and maintaining Know Your Customer (KYC) reviews; and recruitment.