Survey shows 70% of Indian banks are planning to increase investment in AML complianceINDIA - Over three-quarters of banks and other financial institutions in India are planning to increase their investment in anti-money laundering (AML) systems, according to a new report from KPMG.
Some 76% of the 2,000-plus institutions questioned confirmed they would increase spending on AML compliance over the next three years. The survey also said that, although 70% of financial sector organisations had an effective system in place for monitoring suspicious transactions, it remains one of the top priorities for further investment, along with the introduction of automated AML solutions.
India's escalating global exposure has been blamed for the increase in the risk of money laundering in the country, which has led to this sudden need to increase spending in AML compliance. The KPMG report stated Indian firms will be focusing on adopting international best practice standards for AML compliance. It concluded that, while India's banks and financial institutions have made substantial advances in AML compliance, there is still scope for "significant investment and improvement".
More on Regulation
Industry groups welcome new focus on Dodd-Frank troubleshooting
Pay reform won't solve all of banks' problems, academics warn
Ideal toolkit would draw inspiration from US and UK
Industry concerns over unintended consequences of tougher regulation
Sign up for Risk.net email alerts
Sponsored webinar: IBM
Watch highlights of this year's London conference
Operational risk and the challenges of defining and dealing with conduct risk
Watch discussions and speakers from our North America conference
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.