2020 Foresight Report: The Impact of Anti-Money Laundering Regulations on Wealth Management
On 10 April 2014
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Executive Summary
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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1.Drug traffic: it is considered as the most important financial source in the illegal business. The important money operation is related to drug dealings. 2.Bribery: it is one of the sources that lead to have illegal money. Most of the laws prohibited the bribery in its different ways and have imposed some punishments when bribery takes place. 3.Money embezzlements: the crime of embezzling money ...
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Scope
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 governments and regulatory bodies to formulate and implement AML regulations, and also discusses money laundering activity in key markets Outlines the key operational and technological challenges that financial institutions face due to the rapid rise in money laundering activity and frequent regulatory upgrades Provides a comprehensive analysis of AML compliance spending trends during the review period (20082012) and over the forecast period (20132017).
The report also provides an overview of market dynamics and key vendors operating in AML Outlines the key recommendations provided by the Financial Action Task Force (FATF) to improve AML processes across different countries and financial institutions Discusses in detail the best practices adopted by government institutions as well as financial institutions to curb money laundering activities
Key highlights
The rapid growth of money laundering and other illicit activities has become a major issue for governments and financial institutions across the world. Fighting money laundering has become a priority for governments and other international bodies, which are increasingly concerned about the consequences of these illicit activities on corporate governance and business operations in the financial sector, as well as the overall fundamentals of the world economy. Governments and regulatory bodies across the world have been tightening regulations to combat money laundering. Economies such as the US, the UK, Germany, Australia, Japan and Singapore have strong AML regulations in place, while Canada, Brazil, Russia, India and China are taking initiatives to introduce AML regulations. Financial institutions face a number of operational and technological challenges due to changes in regulations. These entail increased regulatory complexity and improvements in IT systems, documentation and record keeping. Reduced customer privacy is also expected to be a rising concern, due to increasing disclosure and information sharing requirements.
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Introduction Although it is impossible to calculate the exact amount of money that is laundered world-wide each year estimates have been made that range from 300 to 500 million US dollars. It is important to note that if other non-drug crimes generating significant profit such as extortion, arms smuggling and white collar crime were included in this estimate the figures could potentially double ...
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Reasons to buy
Assess the impact of money laundering activities on the global economy and financial system and learn how financial institutions have been taking initiatives to deal with such activities Gain insight into various regulatory developments that have been taken place across different markets to combat rising money laundering activities Analyze the impact of operational and technological challenges on the business operations of wealth management and other financial institutions caused by these regulatory developments Understand the best practices adopted by government bodies and wealth management companies to curb these illicit activities, with the help of case examples
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Advertising and Media Automotive and Parts Consumer Goods Healthcare and Medical Finance and Banking Food and Beverages Travel and Tourism Textiles and Clothing SWOT Analysis
Table of Content
1 What is this report about? 2 Summary 3 Money Laundering Global Market Dynamics 3.1 Global Snapshot 3.2 Regional Overview 3.3 Key Drivers
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3.4 AML End Markets 4 Key Operational and Technological Trends and Challenges 4.1 Operational Trends 4.2 Technology Trends 4.3 Challenges 5 Key Regulatory Trends and Impact Assessment 5.1 Developed Economies 5.1.1 FATF recommendations of February 2012 5.1.2 The EC released a proposal for its Fourth Money Laundering Directive 5.1.3 FATCA enacted in the US in 2010 5.1.4 Anti-money laundering legislation in the UK, October 2012 5.1.5 Proceeds of Crime (Money Laundering) and Terrorist Financing Act in Canada, May 2013 5.1.6 Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance, Cap 615 in Hong Kong, April 2012 5.1.7 Monetary Authority of Singapore (Anti-Terrorism Measures) Regulations, 2002 5.2 Developments in Emerging Economies 5.2.1 Brazil 5.2.2 Russia 5.2.3 India 5.2.4 China 5.3 Regulatory Challenges
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6 Global Compliance Spending Trends 6.1 Operational Expenditure 6.2 IT Expenditure 6.3 Software Expenditure 6.4 Market Dynamics by Type of Firms 7 Best Practices in AML Compliance 7.1 Key Recommendations 7.1.1 AML/CFT policies and coordination 7.1.2 Money laundering and confiscation 7.1.3 Terrorist financing and financing of proliferation 7.1.4 Preventive measures 7.1.5 Transparency and beneficial ownership of legal persons and arrangements 7.1.6 Powers and responsibilities of competent authorities and other institutional measures 7.1.7 International cooperation 7.2 Case Examples 7.2.1 Wegelin & Co.s non-adherence to AML regulations 7.2.2 Adoption of software by Capital Bank to counter money laundering 7.2.3 Bank Central Asia (BCA) selects NICE Actimize to improve its AML processes 7.2.4 Central Bank penalized three Indian banks for violating KYC regime 7.2.5 US authorities charged HSBC with violating CDD requirements
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8 About WealthInsight
List of Tables
Table 1: List of Banks Which Were Imposed Money Laundering Sanctions, 20122013 Table 2: Key Destinations for Offshore Wealth, 2011 Table 3: FATFs Member Countries and Organizations, as of June 2013 Table 4: FATCA Regulations and Impacts Table 5: AML Regulations Enacted or Amended in the US, 19702004 Table 6: Evolution of AML Regulations in the UK, 19932012 Table 7: Provisions Under Proceeds of Crime (Money Laundering) and Terrorist Financing Act Table 8: Documentation Under KYC Process Table 9: Global AML Compliance Spending (US$ Million), 20082017 Table 10: Global AML Compliance Operations Spending (US$ Million), 20082017 Table 11: Global AML Compliance IT Expenditure (US$ Million), 20082017 Table 12: Global AML Compliance Software Spending (US$ Million), 20082017 Table 13: Leading AML Vendors and Type of Solutions Offered Table 14: FATF Recommendations, 2012 Table 15: AML/CFT Policies and Coordination
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Table 16: Money Laundering and Confiscation Table 17: Terrorist Financing and Financing of Proliferation Table 18: Preventive Measures Table 19: Transparency And Beneficial Ownership Of Legal Persons and Arrangements Table 20: Powers And Responsibilities of Competent Authorities and Other Institutional Measures Table 21: International Cooperation
List of Figures
Figure 1: AML Regulatory Enforcement Levels Across the World Figure 2: AML Regulatory Impact on End Markets Figure 3: AML Regulatory Developments, 20102013 Figure 4: AML Challenges and Their Importance Among Financial Institutions Figure 5: Emerging Regulatory Trends and Impact Analysis Figure 6: AML Regulations in the US Figure 7: Impact of AML Regulations on Financial Institutions in Hong Kong Figure 8: Global AML Compliance Spending (US$ Million), 20082017 Figure 9: Global AML Compliance Operations Spending (US$ Million), 20082017 Figure 10: Global AML Compliance IT Expenditure (US$ Million), 20082017
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Figure 11: Global AML Compliance Software Spending (US$ Million), 20082017 Figure 12: Case Study Wegelins Non-Adherence to AML Regulations Figure 13: Case Study Capital Banks Use of the SAS AML Solution Figure 14: Case Study BCA Deployed AML Solutions From NICE Actimize Figure 15: Case Study RBI Penalized Axis Bank, HDFC Bank and ICCI Bank Figure 16: Case Study US Allegations Against HSBC of Violating CDD Requirements
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