2020 Foresight Report: The Impact of Anti-Money Laundering Regulations on Wealth Management
On 10 April 2014
Governments and regulatory bodies have taken numerous measures to curb money laundering activities in the last decade. The phenomenon has assumed increased urgency since 20082009 when economies across the world, developed nations in particular, were severely impacted by the financial crisis. Following the global economic slowdown, a number of regulations have been enforced; proposals for the Fourth Money Laundering Directive by the European Commission (EC) in 2013, the launch of new FATF money laundering recommendations in 2012, and the Foreign Account Tax Compliance Act (FATCA) in the US are key recent developments in global AML regulation. These initiatives are intended to strengthen the global AML regulatory environment and increase pressure on financial institutions to comply. While AML compliance in North America and Europe is highly developed, it is yet to reach these standards in a number of emerging economies in the Asia-Pacific, Middle East and Latin America. While many countries in these regions have formulated AML regulations in the past, effective enforcement by local regulators has been the key challenge. However, governments and regulatory bodies in these nations have demonstrated their interest in bringing their AML compliance in line with international standards. Limited regulatory enforcement and rising money laundering activity have compelled global financial institutions in these economies to take a proactive approach to improve their AML processes, such as know your customer (KYC) and customer due diligence (CDD).
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? ? This report provides an overview of AML awareness levels and the level of regulatory enforcement in countries across various regions Discusses key factors which drive.