Combating Anti-Money Laundering & Fraud is Top Priority for Financial Institutions
Millions of dollars are being spent each year by organizations on their compliance programs. Nevertheless, many senior executives have become frustrated because, despite the high costs of implementing compliance programs, little business value is seen. The only business value probably is being able to pass an annual audit.
In May 2009, TONBELLER, a company that provides financial crime and compliance solutions to enable banks, insurance companies and other financial service providers to control the defense and to evolve strategies against money laundering, terrorism financing and internal/external fraud , conducted their survey. This was the survey on anti-money laundering and fraud entitled “Mind the Gaps”. The survey captures the points of view of 152 leading compliance professionals from 41 countries around the world.
These are some of the key findings of the report:
Only 36% of respondents said their organizations had integrated their anti-fraud and anti-money laundering efforts enterprise wide.
With 31% internal fraud has emerged as the top priority among fraud crimes; this may be a consequence of the current economic climate.
91% of the participants see a business value in adopting the risk-based approach irrespective of the regulation in their country.