Veris Survey Reveals Significant AML Cost Increases but Inadequacies Remain
Reston, VA (PRWEB) July 10, 2013 -- Veris Consulting, Inc. (Veris) announces the results of its Global Cost of Anti-Money Laundering Compliance survey which reveal that globally 57% of survey respondents saw increases in their Anti-Money Laundering (AML) and Office of Foreign Assets Control (OFAC) compliance budgets and costs in the last 12 months, with almost 66% of survey respondents reporting similar increases over the last three years. Despite these increases 32% of respondents commented that their AML and OFAC compliance budgets are still inadequate or severely inadequate.
61% of survey respondents also saw an increase in their Board of Directors’ involvement with compliance over the last three years, according to Veris.
The inaugural 2013 survey took place between February 12, 2013 and May 15, 2013 with 284 financial institution participating and 46 countries represented in the results. Topics included the cost of compliance, budget and top cost drivers, headcount and the impact of additional regulations.
Respondents identified automated transaction monitoring systems, policies and procedures, reviewing and updating customer files and training as leading cost drivers in their AML and OFAC compliance budgets.
“Based on the survey results and our work in the field, we can see that as operations of financial institutions become more complex and interconnected across jurisdictions – and as the rules, regulations and examination procedures of regulatory bodies continue to evolve – financial institutions will increasingly be required to devote considerable resources to AML and OFAC compliance issues,” said Sven Stumbauer, Managing Director at Veris Consulting.
The survey also touched on the cost of other regulatory hot topics like the Foreign Account Tax Compliance Act (FATCA) and the Foreign Corrupt Practices Act (FCPA). The majority of respondents cited additional regulatory compliance budget increases due to their efforts to comply with FATCA and FCPA.
To download the survey or view online, please visit Veris Global Cost of Anti-Money Laundering Survey Results.
For more information on the survey, please contact:
Sven Stumbauer
Managing Director
Practice Lead Miami and Latin America
sstumbauer(at)verisconsulting(dot)com
Office: +1-305-728-0398
Mobile: +1-404-402-8578
About Veris Consulting
Veris Consulting, Inc. serves a diverse portfolio of domestic and international clients as a premier provider of highly specialized consulting services in the areas of forensic accounting, corporate investigations, regulatory compliance, due diligence, financial management outsourcing and survey research. Visit Veris Consulting at http://www.verisconsulting.com.
Gibby Ries, Veris Consulting, http://www.verisconsulting.com, +1 703-654-1400, [email protected]
Share this article