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Taking a holistic approach to anti-money laundering

Authored by: Lisa Toth, Hatstand (a Synechron company)

Despite the raft of regulation and legislation that has hit the financial market post 2007, it is one of the most mature regulations that is arguably now having the most significant impact on a bank’s global operations. The problem is not simply the sheer scale of the fines now being imposed - although at billions of pounds, the most recent fines have actually driven banks into red. Instead the issue is the shift of regulatory focus: regulators no longer feel the need to prove bad practice; a belief that an organization’s AML procedures are not adequately robust is now enough to incur a penalty.

This shift in regulatory approach combined with each country having a slightly different take on AML has created a tangible lack of confidence within the majority of global institutions. As a result, growing numbers of banks are actively walking away from what could be good business with potential new customers and other banks simply because of the potential risks identified by auditors. Without better AML procedures entire global expansion strategies are being jeopardized.


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