The financial services industry is looking at anti money laundering compliance as a key concern area. Financial institutions have put in place basic policies and procedures to identify and prevent money laundering and terrorist financing. The estimated amount of money laundered globally in one year is between $800 billion and $2 trillion or 2-5 per cent of the global GDP, as revealed by the India Anti-money Laundering (AML) Survey 2012, undertaken by KPMG.
With increased focus on money laundering risk by the senior management, the survey reports, 76 per cent organisations discuss anti-money laundering (AML) profile on at least a monthly or a quarterly basis, another 41 per cent integrates AML in the business strategy of new products/services while 35 per cent publicizes the AML compliance programme internally.
Rohit Mahajan, Partner and co-Head, Forensic Services at KPMG says, “Organisations are using AML compliance as a parameter to measure senior management performance, which in turn is increasing accountability across organisational processes and products. Today, management is setting leadership examples by integrating AML compliance within the business strategy and actively publicizing the AML compliance programme internally – all these activities point to the growing seriousness among the management towards AML compliance.”
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