Talking of interesting surveys, I received another one recently about money laundering.
This survey was performed by Veris, who interviewed almost 300 senior Anti-Money Laundering (AML) and compliance executives across 46 countries.
- 61% of survey respondents cite an increase in board involvement in monitoring anti money laundering (AML) activities
- 66% of survey respondents saw an increase in their AML and Office of Foreign Assets Control (OFAC)* compliance budgets
- 32% consider their AML and OFAC compliance budget to be inadequate or severely inadequate
- 75% identified automated transaction monitoring systems as the main cost driver in their AML and OFAC compliance efforts
- 75% identify automated transaction monitoring systems as the main cost driver in their AML and OFAC compliance efforts
- 53% estimate an impact on their compliance budget from the Foreign Corrupt Practices Act (FCPA)
You can read more about this survey here.
If this area is of real interest to you, then come along to a FREE discussion I am chairing on September 24th.
The meeting will debate the relevance of Big Data Analytics in relation to AML and Fraud at Level 39, Canary Wharf, and features Forrester followed by a panel discussion featuring myself, as moderator, and:
- Derek Wylde, Global Head of Fraud Management, HSBC
- Stephen Foster, Director Anti-Money Laundering, Group Financial Crime, Barclays Bank
- Ram Chinta, PolarisFT
- Paul Phillips, Hortonworks
- Martha Bennett, Principal Analyst, Forrester
The event is organised by Polaris and Hortonworks, and takes place from 18:00 on September 24.
The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States. OFAC acts under Presidential national emergency powers, as well as authority granted by specific legislation, to impose controls on transactions and freeze assets under US jurisdiction. Many of the sanctions are based on United Nations and other international mandates, are multilateral in scope, and involve close cooperation with allied governments.