The Impact of Money Laundering on Customer Due Diligence

Published: December 2016
No. of Pages: 36
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Rapid growth of money laundering and other illicit activities has become a major issue for governments and organizations, globally. Money laundering activities account for 2–5% of global GDP, ranging between US$ 1.38 Trillion and US$ 3.45 Trillion. Money laundering includes different types of financial crime, such as corruption, drug trafficking, market manipulation, fraud, financing for terrorist activities and non-payment of required taxes.

Rising money laundering activity and the threat of reputational damage has compelled global organizations to take a proactive approach in improving their AML processes. To safeguard against inherent dangers, firms are resorting to a Risk Based Approach (RBA) to money laundering and terrorist financing transactions, which was approved by the FATF.

National governments in the US, the UK, Germany, Singapore and Australia have already implemented robust AML regulations. The Bank Secrecy Act (BSA), the Dodd-Frank Act and FATCA in the US, Money Laundering regulations in the UK and the Monetary Authority of Singapore (Anti-Terrorism Measures) regulations in Singapore are examples of initiatives taken by individual governments.

Emerging economies are also upgrading their compliance procedures to bring them in line with international standards. However, concerns due to decreased profitability of financial services firms because of increased cost of regulatory compliance as led to widespread scare related to customer due diligence process.  
The report “The Impact of Money Laundering on Customer Due Diligence” provides overview of risk management, key operational and technological trends and spends and opportunities in client onboarding and best practice.

In particular, this report provides the following:
• Provides insights into key vendors operating in financial risk management, and analyze best practices adapted by financial and non-financial companies to combat money-laundering activity.
• Detailed analysis of key operational and technological trends and challenges that institutions face due to the rapid rise in money-laundering activity and frequent regulatory upgrades.
• Analysis of challenges and opportunities in client onboarding available to providers.
• Helps to understand key factors that drive governments and regulatory bodies to formulate and implement AML regulations.

Companies mentioned in this report: 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

Published By: GlobalData
Product Code: WealthInsight1132

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