KPMG

Senior management making more effort to combat money laundering, says KPMG report

Attention being paid by senior management to money laundering challenges is at an all-time high, according to findings from a new KPMG International report. 

Nine in 10 of respondents (88 per cent) said that anti-money laundering (AML) issues are back at the top of the agenda for senior management rather than being squeezed by competing priorities, as has been the case in similar studies over the past 10 years (up from 62 per cent in 2011).

A majority of respondents (84 per cent) stated that money laundering is considered a high-risk area within their business risk assessment, further emphasising how seriously management deems failures to meet the regulatory requirements.

Brian Dilley, global head of the AML practice at KPMG, said: ‘AML has never been higher on senior management’s agenda, with regulatory fines now running into billions of dollars and regulatory action becoming genuinely licence threatening.

‘Financial institutions are making significant changes in response to increasingly far-reaching global AML regulations — revision of the Financial Action Task Force’s recommendations and the US Foreign Account Tax Compliance Act having an impact. These initiatives have quickly changed the AML scene from a standalone function under compliance to an increasingly complex and overarching approach cutting across legal, risk, operations and tax.’

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