Thomson Reuters Survey Reveals Concerns About and Shortcomings With AML Compliance

U.S. financial firms are subject to a constantly evolving regime of domestic and foreign anti-money laundering (AML) regulations. Thomson Reuters (TR) recently asked more than 400 AML professionals for their insights on how to manage organizational AML compliance. The survey covered AML challenges, screening, monitoring, suspicious activity reports, beneficial ownership, enhanced due diligence, screening technology and budgets. Respondents noted challenges with increased regulation, lack of resources, concerns about liability and shortcomings with respect to the suspicious activity report process. This article highlights TR’s key findings. For another recent AML survey, see “ACA 2016 Compliance Survey Covers SEC Exams; Compliance Staffing and Budgeting; Annual and Ongoing Compliance Reviews; and AML/Sanctions Compliance (Part One of Two)” (Jan. 19, 2017).

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