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AML Costs Rise 58 Percent on Technology, Training Expenses
By Matt Squire
printBank costs to run anti-money laundering (AML) programs rose a higher-than-expected 58 percent worldwide over the past three years but a surprisingly low number of institutions consider AML a high priority for senior management, according to a poll of some of the world's largest financial institutions. AML expenses for banks operating in North America jumped 71 percent, the highest among six regions surveyed, according to consulting firm KPMG's 2007 Global Anti-Money Laundering Survey, released today. Financial institutions worldwide predicted in 2004-the time of KPMG's last poll-that costs would rise 43 percent during the period. Theresa Pesce, head of the KPMG...
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