2020 Foresight Report: The Impact of Anti-Money Laundering Regulations on Wealth Management

1. 2020 Foresight Report: The Impact of Anti-Money
Laundering Regulations on Wealth Management
WealthInsight
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2. 2020 Foresight Report: The Impact of Anti-Money Laundering
Regulations on Wealth Management
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A number of regulations have recently been enforced in order to strengthen the global AML regulatory environment.
In the last decade, governments and regulatory bodies have taken numerous measures to curb money laundering activities. This
phenomenon has sparked an increased urgency since the financial crisis of 2008-2009 severely impacted economies across the
world, developed nations in particular. Following this global economic slowdown, a number of regulations have been enforced with
the intention of strengthening the global AML regulatory environment, and increase pressure on financial institutions to comply.
Limited Enforcement of AML Compliance in Emerging Economies
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. In the past, many of the countries in these regions have formulated
AML regulations, effective enforcement by local regulators is still proving to be 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.
Frequent Upgrades to Global AML Regulations Result in Increased Compliance Costs
The regulatory bodies of the world have recently been introducing increasingly stringent AML regulations. During the 2010-2012
period in particular, regulators across key markets implemented numerous AML requirements for financial institutions. These
institutions are, therefore, focusing on improving their AML processes to avoid any regulatory shortcomings which could lead to
potential financial and reputational risks. To comply with these changes, both financial and non-financial institutions have to invest
significantly in IT upgrades and improvements in CDD (customer-due-diligence) and KYC (know-your-customer) processes, resulting
in increased AML compliance costs.

3. 2020 Foresight Report: The Impact of Anti-Money Laundering Regulations on
Wealth Management
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