Boston, November 20, 2019 – Faced with significant regulatory and reputational risks, financial institutions worldwide spend tens of billions of dollars annually on financial crime controls. But with an ever-evolving and complex regulatory landscape and a rapidly changing and competitive business ecosystem, AML compliance and effective financial crime risk mitigation become more and more complex. Staying the course and throwing additional funding and resources at the problems will not be enough for FIs to fully overcome the challenges that lie before them. They are embracing new approaches, strategies, and insights; leveraging investments in technology and people; and promoting greater collaboration.
This Impact Report examines the current state of the AML ecosystem and key trends driving AML compliance transformation through innovation and collaboration. It is based on an Aite Group survey of 30 U.S. financial crimes professionals who attended Aite Group’s Financial Crime Forum in September 2019.
This 19-page Impact Report contains eight figures and one table. Clients of Aite Group’s Fraud & AML service can download this report, the corresponding charts, and the Executive Impact Deck.