The Next Wave of Global Anti-Money Laundering Enforcement

The financial-services industry has been disrupted and roiled by a perfect storm of forces. Complex regulatory-compliance requirements, aging legacy systems, dated operating models, digital innovation and fintech have rapidly changed the environment for many financial institutions worldwide. To further amplify the challenges for financial institutions globally, various regulatory bodies across the globe have enacted major legislative changes, increasing the pressure on boards and C-level executives significantly. Unlike previous years, this new regulatory focus on anti-money laundering (AML) can be seen globally as various regulatory regimes converge closer to a global standard as promulgated by the Financial Action Task Force (FATF). Increasing regulatory enforcement, geopolitical changes and record-setting monetary fines have made adequate AML risk management a significant challenge for financial institutions globally. In this environment, financial institutions need to become more risk agile and move from backwards looking compliance measures to proactive risk management. This book will showcase how to transform current AML compliance efforts into more dynamic risk management solutions that help protect financial institutions against bad actors and manage regulatory risk and exposure. Based on the authors global experience in helping financial institutions to manage their AML risks in 60+ jurisdictions, this book calls for greater urgency from boards and senior management, policymakers and AML risk practitioners to address looming risks. From corporate governance structures, tone at the top, to more efficient ways to quantify and manage risks, this book addresses key changes financial institutions must make to evolve from strict compliance to an agile risk management framework that actually addresses their AML risks in practical ways and shift the mind set from a cost center to a value creation center.