The Global Cost of Anti-Money Laundering Compliance

This first edition of The Global Cost of Anti-Money Laundering Compliance survey was conducted to provide a global benchmark on how Anti-Money Laundering (AML) and Office of Foreign Assets Control (OFAC) compliance costs are impacting financial institutions and to better understand the budgetary challenges they face in light of increased regulation.

It reports the views of 284 participants from 46 countries and contains observations from Veris’ experience working with financial institutions globally.

Survey highlights include:

• AML is on the radar - 61% cite an increase in board involvement

• AML costs are on the rise - 66% saw an increase in their AML and OFAC compliance cost

• Budgetary constraints remain an issue - 32% consider their AML and OFAC compliance budget inadequate or severely inadequate

• Automated transaction monitoring systems are seen as the largest cost driver – identified by 75% as a key challenge

• PEPs and sanctions are a major focus for financial institutions and legislation such as the FCPA and other Anti-Bribery and Corruption laws are impacting financial institutions

• Impact of additional regulations - 78% estimate an impact on their compliance budget from the Foreign Account Tax Compliance Act (FATCA)

• 53% estimate an impact on their compliance budget from the Foreign Corrupt Practices Act (FCPA).

Click to read full survey