Thursday, 20th March 2014
Global Anti-Money Laundering Survey 2014
From the Foreword:
It is 10 years since we released our first Global Anti-Money Laundering (AML) survey. During those 10 years, financial institutions have ridden the highs, and plunged to the lows, of the economic cycle. Despite these dramatic changes in the business environment, AML has remained a key focus area throughout. 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; with numerous new regulations across Asia, the U.S. Foreign Account Tax Compliance Act (FATCA) having an impact, and the Fourth European Money Laundering Directive (4MLD) still to come. These initiatives have quickly changed 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, offering invaluable client knowledge that is only recently starting to be leveraged by other departments as well as senior management....
This survey not only compares firms’ AML programs over the period covered by previous KPMG survey’s but also looks at emerging areas of risk, such as Trade Finance and Tax Evasion, as well as looking at AML trends within the Insurance and Asset Management sectors.
+ Direct link to document (PDF; 2.5 MB)
Having begun his career in academic libraries, Adrian Janes has subsequently worked extensively in public libraries, chiefly in enquiry work as an Information Services librarian. In this role he has had particular responsibility for information from both the UK Government and the European Union. He wrote a detailed report on sources for the latter which was published by FreePint in 2007, and has contributed articles to FreePint and ResourceShelf. He is involved in training in information literacy and the use of online reference resources.
A Contributing Editor to DocuTicker, he also write reviews for Pennyblackmusic.
More articles by Adrian Janes »
Please note: DocuTicker's editors collect citations for full-text PDF reports freely available on the web but we do not archive these reports. When you click a link to find and/or download the report, you are leaving the DocuTicker site. DocuTicker makes no representations regarding the ongoing availability of any report or any external resource. Links were accurate as of the date of posting.