Bharat Book
2020 Foresight Report: The Impact of Anti-Money Laundering Regulations on Wealth Management
Press Release • Dec 03, 2013 11:20 IST
Dec 3, 2013 : Bharat Book Bureau presents the new report, on ''2020 Foresight
Report: The Impact of Anti-Money Laundering Regulations on Wealth Management"
provides a detailed overview of anti-money laundering (AML) initiatives taken by
governments and regulatory bodies across the world to combat rapidly growing
money laundering activity:
Synopsis
The report provides a detailed overview of
anti-money laundering (AML) initiatives taken by governments and regulatory
bodies across the world to combat rapidly growing money laundering activity:
- Examines the impact of money laundering and how wealth management and other
financial institutions have taken measures to deal with such illicit activity
- Provides a global perspective on various money laundering activities and the
measures being taken to tackle the problem, in terms of enactment of regulations
and coordination between nations
- Provides an insight into various AML regulatory developments that have taken
place in key markets and their impact on their respective governments, financial
institutions and customers
Summary
Governments and regulatory bodies have taken numerous measures to curb money laundering activities in the last decade. The phenomenon has assumed increased urgency since 2008–2009 when economies across the world, developed nations in particular, were severely impacted by the financial crisis. Following the global economic slowdown, a number of regulations have been enforced; proposals for the Fourth Money Laundering Directive by the European Commission (EC) in 2013, the launch of new FATF money laundering recommendations in 2012, and the Foreign Account Tax Compliance Act (FATCA) in the US are key recent developments in global AML regulation. These initiatives are intended to strengthen the global AML regulatory environment and increase pressure on financial institutions to comply.
While AML compliance in North America and Europe is highly developed, it is yet to reach these standards in a number of emerging economies in the Asia-Pacific, Middle East and Latin America. While many countries in these regions have formulated AML regulations in the past, effective enforcement by local regulators has been the key challenge. However, governments and regulatory bodies in these nations have demonstrated their interest in bringing their AML compliance in line with international standards. Limited regulatory enforcement and rising money laundering activity have compelled global financial institutions in these economies to take a proactive approach to improve their AML processes, such as know your customer (KYC) and customer due diligence (CDD).
Scope
- This report provides an overview of AML awareness levels and the level of
regulatory enforcement in countries across various regions
- Discusses key factors which drive governments and regulatory bodies to
formulate and implement AML regulations, and also discusses money laundering
activity in key markets
- Outlines the key operational and technological challenges that financial
institutions face due to the rapid rise in money laundering activity and
frequent regulatory upgrades
- Provides a comprehensive analysis of AML compliance spending trends during the
review period (2008–2012) and over the forecast period (2013–2017). The report
also provides an overview of market dynamics and key vendors operating in AML
- Outlines the key recommendations provided by the Financial Action Task Force (FATF)
to improve AML processes across different countries and financial institutions
- Discusses in detail the best practices adopted by government institutions as
well as financial institutions to curb money laundering activities
Reasons To Buy
- Assess the impact of money laundering activities on the global economy and
financial system and learn how financial institutions have been taking
initiatives to deal with such activities
- Gain insight into various regulatory developments that have been taken place
across different markets to combat rising money laundering activities
- Analyze the impact of operational and technological challenges on the business
operations of wealth management and other financial institutions caused by these
regulatory developments
- Understand the best practices adopted by government bodies and wealth
management companies to curb these illicit activities, with the help of case
examples
Key Highlights
- The rapid growth of money laundering and other illicit activities has become a
major issue for governments and financial institutions across the world.
- Fighting money laundering has become a priority for governments and other
international bodies, which are increasingly concerned about the consequences of
these illicit activities on corporate governance and business operations in the
financial sector, as well as the overall fundamentals of the world economy.
- Governments and regulatory bodies across the world have been tightening
regulations to combat money laundering. Economies such as the US, the UK,
Germany, Australia, Japan and Singapore have strong AML regulations in place,
while Canada, Brazil, Russia, India and China are taking initiatives to
introduce AML regulations.
- Financial institutions face a number of operational and technological
challenges due to changes in regulations. These entail increased regulatory
complexity and improvements in IT systems, documentation and record keeping.
Reduced customer privacy is also expected to be a rising concern, due to
increasing disclosure and information sharing requirements.
Table of Contents
1 What is this report about?
2 Executive Summary
3 Money Laundering Global Market Dynamics
3.1 Global Snapshot
3.2 Regional Overview
3.3 Key Drivers
3.4 AML End Markets
4 Key Operational and Technological Trends and Challenges
4.1 Operational Trends
4.2 Technology Trends
4.3 Challenges
5 Key Regulatory Trends and Impact Assessment
5.1 Developed Economies
5.1.1 FATF recommendations of February 2012
5.1.2 The EC released a proposal for its Fourth Money Laundering Directive
5.1.3 FATCA enacted in the US in 2010
5.1.4 Anti-money laundering legislation in the UK, October 2012
5.1.5 Proceeds of Crime (Money Laundering) and Terrorist Financing Act in
Canada, May 2013
5.1.6 Anti-Money Laundering and Counter-Terrorist Financing (Financial
Institutions) Ordinance, Cap 615 in Hong Kong, April 2012
5.1.7 Monetary Authority of Singapore (Anti-Terrorism Measures) Regulations,
2002
5.2 Developments in Emerging Economies
5.2.1 Brazil
5.2.2 Russia
5.2.3 India
5.2.4 China
5.3 Regulatory Challenges
6 Global Compliance Spending Trends
6.1 Operational Expenditure
6.2 IT Expenditure
6.3 Software Expenditure
6.4 Market Dynamics by Type of Firms
7 Best Practices in AML Compliance
7.1 Key Recommendations
For more information kindly visit :
http://www.bharatbook.com/investment-banking-and-venture-capital-market-research-reports/2020-foresight-report-the-impact-of-anti-money-laundering-regulations-on-wealth-management.html
Related link : http://www.bharatbook.com/market-research-report/investment-banking-and-venture-capital.html
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