Whitepaper Overview:
The nature of money laundering has become more complex with the globalisation of markets and advances in technology. According to the last estimates released by the United Nations, the annual global money laundering is assessed between US$800 billion and US$2 trillion, equating to 2-5 per cent of global GDP1. Despite banks having anti-money laundering systems in place, most financial crimes go undetected with only 1 per cent seized by the authorities. This is because money laundering activities also target Small to Medium Enterprises (SMEs), where financial crime detection systems may not be up-to-date or where risk exposure can be inaccurately accessed. As a result, regulatory compliance norms all over the world have increased phenomenally, with each country or union of countries developing their own anti-money laundering laws. The larger objective is to fortify the financial system and businesses against the effects of financial crimes.
Contents:
- Cost of Compliance Driving Creative Solutions to Risk Management
- Trends powering AML and CTF compliance
- The trends defining the regulatory environment
- Trends shaping the internal ecosystem
- Business practice trends of AML reporting entities
- Developments in the IT system
- Tackling the challenges og digital platforms – new regulations on the block
- Technological innovation