AML compliance on the up, says KPMG
LONDON – Spending on anti-money laundering compliance has soared over the past three years at global financial institutions, according to a new report by KPMG, released in mid-September. But how long will the flow of cash into technology systems last for?
KPMG interviewed senior compliance officers from 209 financial services firms for the study, and 83% said they have invested more in combating AML over the past three years.
According to the report, spending on AML is up 61% over the past three years, with transaction monitoring and training soaking up the bulk of the money. Of the respondents, more than 40% said they have already implemented externally developed automated monitoring software. Spending was particularly high in North America
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