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- 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.
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News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
2024-01-17T22:45:00Z By Aaron Nicodemus
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.
2024-01-11T13:00:00Z By Rezaul Karim, CW guest columnist
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.
2024-01-05T17:50:00Z By Aaron Nicodemus
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.
2024-05-21T12:45:00Z By Ruth Prickett
A recent survey by surveillance technology firm SteelEye found most financial institutions do not monitor their employees’ use of social media or factor in market risks exacerbated by social media posts.
2024-05-14T12:00:00Z By Adrianne Appel
Large public companies say they are prepared to comply with the disclosure requirements of the SEC’s new cybersecurity incident rule, according to a survey conducted by Compliance Week and DLA Piper, but concerns exist that those reports could enhance the threat of future cyberattacks.
2024-05-06T09:45:00Z By Aaron Nicodemus
Few compliance teams describe their access to company data as “robust,” according to a new survey conducted by Compliance Week and NAVEX, while apprehension toward the adoption of artificial intelligence remains a hurdle for the profession to clear.
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