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The Impact of Money Laundering on Customer Due Diligence

By: WealthInsight
, Published: Dec-2016
, Product code: WI0026FR
Key Insights
  • The report is divided into three chapters, which cover the following areas:
    • Overview of Risk Management
    • Key Operational and Technological Trends and Spend
    • Opportunities in Client Onboarding and Best Practice

Companies mentioned in this product:

HSBC DBS UBS Gibraltar Private Bank and Trust Deutsche Bank Commerzbank Wells Fargo Advisor Standard Bank Tokyo Mitsubishi-UFJ Axis Bank HDFC Bank ICICI Bank Atlas One Financial Group Firstrade Securities EFG Private Bank Wegelin & Co. Standard Chartered Mossack Fonseca Bank of America Northern Trust PNC Stering National Bank UMPQUA Bank CharlesShwab Scotiabank HSBC RBC TD Ameritrade Lloyds Banking Group BMO Harris Bank CIBC SBD Next Generation Solutions Nice Actimize SAS Fiserv Accuity AML360 AML Partners AML RightSource BAE EastNets Fiserv Nice Actimize SAS Coutts Barclays Standard Bank JP Morgan Chase BNP Paribas Al Baraka Bank Egypt DataGear Temenos Euro Pacific Bank SOFGEN Bank Central Asia Galadari Brothers Baskin Robbins Mazda Komatsu JCB Wynyard Group Fiserv InvestEdge
Table of Contents
1 EXECUTIVE SUMMARY
2 DEFINITIONS AND METHODOLOGY
2.1 What is this report about?
2.2 Definitions
2.3 About WealthInsight
3 INTRODUCTION
3.1 Overview of AML Risk Management
3.2 Key Drivers
3.3 AML End Participants
4 KEY OPERATIONAL AND TECHNOLOGICAL TRENDS AND CHALLENGES
4.1 Operational and Technological Challenges Summary
4.2 Technology Spending Trends
4.2.1 Overview of AML solution providers
4.2.2 Advanced AML solutions
4.3 Operational Trends
5 OPPORTUNITIES IN CLIENT ONBOARDING AND BEST PRACTICES
5.1 Risk Management Program Upgrades
5.2 Client Onboarding Challenges and Opportunities
6 APPENDIX
Tables and Figures
Table 1: Instances of Banks being Imposed Money Laundering Sanctions, 2014–2016
Table 2: Operational and Technological Challenges
Table 3: Total IT Security Services Expenditure by Financial Institutions (US$ Million), 2015–2020
Table 4: Total IT Security Services Expenditure by Retailers (US$ Million), 2015–2020
Table 5: AML Vendors and Type of Solutions Offered
Table 6: Risk Identification and Mitigation Measures in Financial Institutions
Table 7: AML Update – Regulatory Environment – Americas
Table 8: AML Update – Regulatory Environment – Europe
Table 9: AML Update – Regulatory Environment – Asia-Pacific
Table 10: AML Update – Regulatory Environment – Middle East

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The Impact of Money Laundering on Customer Due Diligence
By: WealthInsight
Published: Dec 2016
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Summary

The Panama Papers scandal of 2016 led to the leaked individuals’ names and associations being scrutinized by governments in the UK, Germany, France, Italy, Spain and Australia among others, which is unsurprising given that the financial services industry is in the midst of preparing for new stricter regulation to commence.

The Common Reporting Standards regulation, The Fourth Money Laundering Directive, the Foreign Account Tax Compliance Act and Financial Action Task Force recommendations on money laundering that have been proposed and enacted in Europe and the US are intended to strengthen the anti-money laundering (AML) regulatory environment and increase pressure on institutions to comply.

Financial institutions need to do more to be compliant with their customer due diligence (CDD) and know your customer processes (KYC). They need to check how secure their clients' data is internally. The same resonates with the provision of retail and not-for-profit services and the need to minimize a business’ exposure to risk as a result of failure to comply with AML regulations.

Synopsis

The report focuses on recent developments as a result of AML regulation, and its effect on global regulation.

It provides an overview of key drivers and vendors operating in financial risk management.

It provides detailed analysis of the key operational and technological trends and challenges that institutions face due to the rapid rise in money laundering activity and frequent regulatory upgrades.

It provides insight into the impact of money laundering on businesses, and the CDD and KYC initiatives that services providers are taking to deal with risk and compliance.

The report is divided into three chapters, which cover the following areas:
  • Overview of Risk Management
  • Key Operational and Technological Trends and Spend
  • Opportunities in Client Onboarding and Best Practice

Reasons To Buy

  • Understand key factors that drive governments and regulatory bodies to formulate and implement AML regulations.
  • Be informed of the key operational and technological trends and challenges that institutions face due to the rapid rise in money laundering activity and frequent regulatory upgrades.
  • Gain insight into key vendors operating in financial risk management and analyze best practices adapted by financial and non-financial companies to combat money laundering activity.
  • Be informed about challenges and opportunities in client onboarding available to providers.

Key Highlights

  • Emerging economies are upgrading their compliance procedures to bring them in line with international standards.
  • Institutions have been taking new measures such as establishing committees to focus on financial crime to ensure everyone in the organization is accountable for AML compliance.
  • Firms are investing in technology solutions, integrated platforms, cloud technology and data analytics to meet compliance obligations and increase efficiency in operations.
  • The emergence of new methods of financial crime has created a challenge for regulators, technology firms and institutions, requiring significant improvements in overall IT systems.

Quick Overview

The Panama Papers scandal of 2016 led to the leaked individuals’ names and associations being scrutinized by governments in the UK, Germany, France, Italy, Spain and Australia among others, which is unsurprising given that the financial services industry is in the midst of preparing for new stricter regulation to commence.

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