Anti-Money Laundering: A European Perspective on a Global Issue

Published by: TowerGroup

Published: Sep. 24, 2007 - 12 Pages

Table of Contents

Report Coverage

Background

A Global Issue

Exhibit 1 Global Anti-Money Laundering International Advisory and Steering Groups (2007)

Exhibit 2 Elements of an Effective Anti-Money Laundering Program (2007)

A Driving Force: European Regulation

Exhibit 3 EU Countries' Approaches to Customer Due Diligence (2007)

Exhibit 4 The United Kingdom's Approach to Anti-Money Laundering (2007)

European AML IT Spending

Exhibit 5 European Banks' Spending on Anti-Money Laundering Software and Services (2007-12P)

Future Trends

Summary

Abstract

Europe's latest piece of AML legislation, the Third Anti-Money Laundering Directive, is due to be fully implemented in all Member States by December 2007. The legislation is already creating demand for AML solutions from accession countries, although incumbent vendors of foreign banks are the main beneficiaries. Other general trends are also bringing banks back to market. Among these trends is the ability of second-generation AML transaction monitoring solutions to more effectively and efficiently produce alerts across business lines, products, and geographies, creating significant personnel cost savings.

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