2020 Foresight Report: The Impact Of Anti-Money
Laundering Regulations On Wealth Management
Governments and
regulatory bodies have taken numerous measures to curb money laundering
activities in the last decade. The phenomenon has assumed increased urgency
since 2008-2009 when economies across the world, developed nations in
particular, were severely impacted by the financial crisis.
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TOC:-
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.
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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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