- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-02-01T21:06:00
Nearly 800 financial crime professionals said the biggest threats to the effectiveness of their anti-money laundering (AML) programs are budget cuts and their inability to keep pace with more aggressive and innovative uses of technology by criminals to commit fraud.
Eighty-nine percent of respondents to a new survey by the Association of Certified Anti-Money Laundering Specialists (ACAMS) said they believe an economic downturn poses a “moderate,” “high,” or “very high” risk to their financial crime functions over the next two years.
“The Anti-Financial Crime Threats Report” further found staffing and declining budgets were identified as two of the biggest challenges, with 81 percent and 71 percent, respectively, identifying them as being moderate or higher risk to their programs.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
A survey of financial crime professionals found that while three of every four companies added more anti-money laundering employees in 2023, nearly all respondents said growing their department’s headcount alone won’t keep up with emerging risks.
Deepfakes have emerged in the digital world as a silent pandemic threatening not only our digital integrity but becoming a major risk to anti-money laundering efforts.
Many reporting companies are still unsure whether their organization is required to file beneficial ownership information with the Financial Crimes Enforcement Network or are completely unaware of the new requirements. For those with questions, we have answers.
The majority of businesses are using AI and doing so without governance–a compliance gap that poses extreme risks, a new survey by Compliance Week and GAN Integrity found. A webinar will discuss why it is crucial to have AI governance, how to implement it, and what strategies to strengthen programs. ...
Regulations are sure to be rolled back under President Donald Trump, but the question is which regulations, and how much? Is your organization as prepared to respond when regulations are loosened as it was when they were tightened?
Compliance Week’s sixth annual “Inside the Mind” survey seeks to discover what makes CCOs and other risk and compliance practitioners tick. Take 10 minutes to share your experiences and be part of our special report.
