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Anti-Money Laundering Today: Consistent Challenges, Converging Offerings, Burgeoning OpportunitiesPublished by: TowerGroup Published: Apr. 27, 2009 - 13 Pages Table of Contents
AbstractIn 2009, money laundering accounts for 2% to 5%, or $1.3 to $3.2 trillion (USD), of world gross domestic product (GDP) and is growing at a compound annual rate of 6.5%.Regulators are demanding continued anti-money laundering (AML) vigilance from financial services institutions (FSIs), despite global economic challenges. Financial crime is a recession-proof industry; fraudsters, expecting many banks to have limited resources, will seek out opportune targets for their money-laundering activities. A best-practices approach to AML compliance includes taking an integrated, enterprise view that provides better protection at a lower cost than disconnected efforts within silos. FSIs can repurpose information captured in AML systems to streamline new product development, transforming AML from a sunk cost into a revenue-neutral undertaking. For AML compliance to improve consistently across the financial services industry, greater collaboration and knowledge sharing must take place at institutional, regulatory, and international levels. Get Full Details About This Report >> |
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