Description
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
To
Read the Complete Report with TOC Visit:
http://www.marketresearchreports.biz/analysis-details/2020-foresight-report-the-impact-of-anti-money-laundering-regulations-on-wealth-management
Executive 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).
Contact
M/s Sheela
90 Sate Street, Suite
700
Albany, NY 12207
USA – Canada Toll
Free: 866-997-4948
No comments:
Post a Comment