KPMG's second global anti-money laundering survey looks at how banks around the world are approaching AML. It also focuses on the specific issues facing banks in the various geographical regions and, where appropriate, compares the findings with our 2004 survey.
Banks in our survey reported that senior management were more engaged in AML issues than they had been in 2004, with the percentage of respondents reporting that their senior management and their board of directors take an active interest in AML increasing by 10 percentage points to 71%. The result reflects a mix of regulatory and international pressure on senior management to take responsibility for the full range of risks in their business, including compliance, as well as continued focus on counter-terrorist financing. As the financial services industry becomes more complex, and AML risks become more pressing, it will be important that this heightened interest in AML is directed towards ensuring systems and controls are effective in practice.
See full Details.
Posts
