The nature of criminal activity means that anti-money laundering (AML) compliance efforts will constantly evolve. Dynamic solutions are needed to effectively address compliance challenges. Regulations prescribing AML compliance will also continue to change, requiring institutions to adapt. Hand-in-hand with this notion is the expectation that regulators will continue to ratchet up their expectations when it comes to effective AML compliance.
A survey of AML compliance officers at 17 North American banks was conducted from April through June 2008. Its findings may help financial institutions better understand the evolution of AML compliance trends and strategies.