RBS International Banking chief executive John Owen observed earlier this year that anti-money laundering (AML) "provides no particular competitive advantage to any one party". Despite the lack of commercial imperative, 66% of financial services firms saw AML and KYC (know your customer) budgets rise during the past year, and 61% of firms reported an increase in head-count, according to Veris Consulting's Global Cost of Anti-Money Laundering Compliance 2013 survey.The research captures the views of 284 respondents in 46 countries, primarily compliance professionals from retail, business, private and wholesale banks, plus broker dealers and other institutions. It found that the majority of costs stemmed from automated transaction monitoring systems: 75% of respondents cited them as the greatest expense.
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