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The Top Challenges in Anti-Money Laundering and Sanctions Compliance in 2021 and Beyond

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The Top Challenges in Anti-Money Laundering and Sanctions Compliance in 2021 and Beyond

We are pleased to announce that Norton Rose Fulbright have just released their 2021 Global Anti-Money Laundering (AML) and Sanctions Compliance Survey.

Sven Stumbauer Global Anti-Money Laundering and Sanctions Compliance Consulting Leader and Senior Advisor, says:

“I am pleased to say that this year we had nearly 400 respondents from 77 jurisdictions participate in our survey. Our results highlight the ongoing challenges financial institutions around the globe are experiencing as regulatory expectations continue to evolve.”

Notably, our survey respondents tell us that:

Increasing regulatory scrutiny is here to stay:

–                 71% received increased regulatory scrutiny in 2020

–                 81% expect increased regulatory scrutiny to continue in 2021

Spending on AML and sanctions compliance has continued to increase:

–                 41% consider their AML and sanctions compliance budget inadequate or severely inadequate

–                 74% expect an increase in their AML and sanctions compliance-related spending

Board of Directors engagement is lacking:

–                 36% do not provide AML/sanctions training to the board of directors or are unaware if the board is being briefed on AML/sanctions matters

Adequate risk management appears to be lacking:

–                 65% employed a de-risking strategy to manage their AML and sanctions exposure, while

–                 56% identified risk assessments as the top investment area in their AML compliance efforts

–                 66% did not perform independent reviews of their AML/sanctions compliance program in the past 12 months

If any of our viewers would like to receive a copy of our survey report please let Sven Stumbauer know by emailing him on: sven.stumbauer@nortonrosefulbright.com

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