Survey Reveals Combating Anti-Money Laundering & Fraud dominate financial institutions top priorities

Bensheim,Germany - 17 July 2009

Organizations are spending millions of dollars each year on their compliance programs. However, many senior executives have become frustrated. Despite the high costs involved in implementing compliance programs, they are seeing little business value other than being able to pass an annual audit.

Is an investment in compliance truly a sunken cost? Or are there ways to leverage this spending to capture the full value of your compliance technology investments? In May 2009 TONBELLER conducted their AML and fraud global benchmark survey, entitled "Mind the Gaps", which captures the viewpoints of 152 leading compliance professionals from 41 countries around the world concerning these questions.

Key findings of the report include:
Only 36% of respondents said their organizations had integrated their anti-fraud and AML efforts enterprise wide
With 31% internal fraud has emerged as the top priority among fraud crimes; this may be a consequence of the current economic climate
91% of the participants see a business value in adopting the risk-based approach irrespective of their country's regulation

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