Anti-money laundering compliance will cost $10.9 billion by the end of 2005, says Celent

BOSTON, MASSACHUSETTS -- US banking, securities and insurance companies will spend $10.9 billion by the end of 2005 to achieve compliance with anti-money laundering regulations introduced by the US government in the wake of the September 11 2001 attacks on the US, according to US-based Celent Communications. Financial research and consultancy company Celent said in September in a report on anti-money laundering, that it expected US financial institutions to spend $3.3 billion on IT maintenance,

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