Compliance
Poll Of Compliance Professionals Raises Culture Concerns; UK Firm Launches AML Service

A survey of 422 compliance professionals in over 300 financial services firms showed fewer than half (48 per cent) say the firms they work for have a strong culture to foster good behaviour. A new UK-based business has also rolled out a new service focused on AML issues.
With money laundering grabbing many headlines recently, a survey
of 422 compliance professionals in over 300 financial services
firms showed that fewer than half (48 per cent) say the firms
they work for have a strong culture to foster good behaviour.
Separately, a new UK-based business has rolled out a new service
focused on AML issues.
Some 29 per cent of those polled by NICE Actimize, a
provider of regulation and compliance solutions, said they expect
change in their firms' approach to anti-money laundering
compliance this year.
The report comes at a time when a number of banks have fallen
afoul of sanctions and AML rules and regulations. Most recently,
it has been reported that BNP Paribas, the French banking group,
faces a potential $10 billion fine from US authorities for
breaking sanctions restrictions on Iran and other nations. )The
results of this matter have yet to be finally announced. BNP
Paribas has so far declined to comment to this publication.)
The Anti-Money Laundering "Culture of Compliance" Poll conducted
by NICE Actimize said only 22 per cent of respondents said they
compliance culture must improve – suggesting that a lot more
needs to be done in firms to change attitudes.
Nearly half the poll's respondents came from large global
institutions from among 17 countries, with the US, the UK and
Canada representing the largest share of the group's
respondents.
Some 47 per cent of respondents said gaps in their overall
anti-money laundering strategy as their most pressing AML concern
for the next 6 to 12 months. About 23 per cent of the respondents
cited model risk governance and model risk management
requirements as another area for continued attention, followed by
the desire of about 18 percent to avoid regulator-imposed
sanctions.
NICE Actimize describes itself as “the largest and broadest
provider of financial crime, risk and compliance solutions for
regional and global financial institutions, as well as government
regulators”.
New service
In a separate development, Certeco, a UK-based “business technology company”, as it describes itself, launched a new business process outsourcing service focused on the AML issue. The service will be part of its Governance, Risk and Compliance proposition, it said in a statement.
Certeco has mobilised a team of 25 to assist a global bank –
which was unnamed - with adhering to strict AML regulatory
protocol, in the wake of a number of banks being fined for money
laundering practices, the statement said.