Board level interest in anti-money laundering (AML) is being squeezed by other priorities, according to KPMG’s Global AML Survey 2011. The survey revealed a nine percentage-point drop in boards considering AML to be a high profile issue (from 71 percent in 2007 to 62 percent in 2011). Kevin West, Head of Anti-Money Laundering at KPMG comments, “Although it is understandable that boards have had to change their agendas because of the pressures resulting from the financial crisis, they need to ensure that they are addressing their money laundering risk and AML compliance requirements. Not doing so could lead to disruption within their business and the possibility of facing the wrath of regulatory scrutiny. Although AML is a well-established compliance task, it is continuously evolving and becoming more complex. Its importance in managing severe regulatory and reputational risk cannot be underestimated.”
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