2012 Trends in AML and ABC Raise Stakes for Organizations

BankersAccuity reflects on Lessons Learned in a Year of Increasing AML and Bribery Compliance Scrutiny and Enforcement.

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By understanding the entire compliance landscape and applying this to the data and technology systems they deploy, corporations and financial institutions alike can take great strides in winning the battle against money laundering, bribery and corruption.

SINGAPORE (PRWEB) November 01, 2012

BankersAccuity today released a new industry perspective entitled “Lessons Learned in a Year of Increasing AML and Bribery Compliance Scrutiny and Enforcement.” The report, part of BankersAccuity’s ongoing Viewpoint series, examines important trends in anti-money laundering (AML) and anti-bribery corruption (ABC) compliance, reviews an increasingly stringent global regulatory landscape and offers key lessons in how firms can best demonstrate compliance through processes and technology.

In an era of enhanced regulatory scrutiny, larger fines and the ongoing internationalization of AML and ABC regulation, companies are faced with increased risk and greater challenges to achieving and maintaining compliance. During the past year, key events and developing trends have offered insight and important lessons for firms seeking to avoid participation in illicit financial transactions. At the same time high-profile enforcement actions following violations of the United States Foreign Corrupt Practices Act (FCPA), the Bank Secrecy Act (BSA) and other mandates have highlighted regulators’ determination to heighten oversight and combat illicit activity.

“Corporations and financial institutions face a daunting task in effectively addressing the growing corruption and bribery risk they face,” said Hugh Jones, President and CEO of BankersAccuity. “Yet, by gaining a better understanding of the entire compliance landscape and applying this to the data and technology systems they deploy, corporations and financial institutions alike can take great strides in winning the battle against money laundering, bribery and corruption.”

As detailed in BankersAccuity’s Viewpoint, lessons learned from the past year of AML and ABC regulatory activity and global trends include:

  • The fight against money laundering is turning international, and regulators are stepping up their games with high-profile fines against big-name firms.
  • High profile examples include Wal-Mart, Johnson & Johnson and Diageo, all of which have been fined or are under investigation for FCPA violations, shows that being a large, respected multinational corporation offers little or no additional protection from scrutiny.
  • Increasingly, regulators such as the U.S. Department of Justice are focusing on financial institutions’ lax compliance standards and systems.
  • The current geopolitical landscape increases the need for effective KYC due diligence. The Arab Spring is a key example of this in action.
  • The role of the Chief Compliance Officer is becoming elevated within corporations and financial institutions.

Reflecting on the lessons identified by BankersAccuity, Jones noted that technology can play a key role in ensuring anti-money laundering and anti-corruption compliance by automating and expanding screening and reporting. However, he adds, “regardless of the data and screening software that an institution has in place, there will always be potential for individuals internally to intentionally misuse the system.” Concluding, Jones underlined that, “what’s important is that firms take a holistic and committed approach to making compliance an active part of their culture and daily operations.”

To access the full Viewpoint “Lessons Learned in a Year of Increasing AML and Bribery Compliance Scrutiny and Enforcement” visit BankersAccuity at Sibos stand #4D19 or visit the BankersAccuity website. To stay in touch with BankersAccuity follow @BankersAccuity on Twitter or join us on LinkedIn.

About BankersAccuity
Owned by one of the world's leading business to business publishers, Reed Business Information and part of Reed Elsevier, BankersAccuity sets the global standard for payment efficiency and compliance solutions. It includes Bankers’ Almanac and Accuity, premier data services that have been providing solutions to banks and businesses worldwide for over 175 years.

About Reed Business Information
Reed Business Information brings leading brands to an audience of millions of decision makers worldwide through its multi-platform media of data services, online lead generation services, community websites, magazines and events.


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