Money-laundering flows exceed $1 trillion per year, finds a new KPMG survey. Forty-one banks, out of 224, said they were unable to track cross-border transactions.
The report estimates that the cost of compliance with anti-money-laundering (AML) requirements has risen by nearly 60 percent since 2004 – that's 20 percent more than banks had expected. As the expansion into emerging markets and transnational mergers continue, these costs are likely to grow.
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