How is the Financial Services industry rising to today’s global anti-money laundering challenges? Throughout the last ten years, financial institutions have ridden the highs, and plunged to the lows of the economic cycle. Despite these dramatic changes in the business environment, Anti-Money Laundering (AML) has remained a key focus area. 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, changing 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. The Global Anti-Money Laundering Survey 2014 explores the ways in which organizations are preventing, detecting, and responding to AML compliance risks. The survey was deployed in November 2013 and distributed to AML and compliance professionals in the top 1,000 global banks in 48 countries, garnering responses from 317 participants.
© 2021 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved.
KPMG refers to the global organization or to one or more of the member firms of KPMG International Limited (“KPMG International”), each of which is a separate legal entity. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. For more detail about our structure please visit https://home.kpmg/governance.
Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.