NICE Actimize, with more than a decade of experience in providing global compliance and regulatory software solutions to leading financial institutions, conducted its Anti-Money Laundering “Culture of Compliance” Poll among 422 compliance professionals representing more than 300 financial services firms participating in a recent webinar. Nearly half the poll’s respondents came from large global institutions from among 17 countries, with the United States, the United Kingdom and Canada representing the largest share of the group’s respondents.
Aligned to the issues faced in building a strong compliance culture, approximately 47 percent of the responding financial institutions rated identifying gaps in their overall anti-moneylaundering strategy as their most pressing AML concern for the next 6 to 12 months. Additionally, about 23 percent 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. About 12 percent of the survey’s respondents cited that being held personally responsible for non-compliant activities was something they’d be thinking about over the coming year.
Additional analysis of the poll results indicated that a strong 75 percent expect that significant, or at least some, operational changes have or will be implemented to improve the quality of data and information gathering at their organizations – an important indicator for the balance of the year. Understandably, these changes reflect financial institutions’ positioning that they must act to respond to regulators in a timely manner to ensure minimal risk of sanctions and remediation.
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