Complying with money-laundering laws and sanctions is a major concern at many companies, according to a new survey.
The survey by Deloitte Financial Advisory Services of 388 executives from around the world found that 46 percent consider sanctions compliance to be a growing concern, while 63 percent say it is consuming more time, money and personnel than ever.
Increasingly strict global regulations have made the task of complying with money-laundering laws more important, yet the compliance staff at nearly one in four companies receives training just about once every two years. Fifty-six percent of the respondents cited the complexity of screening all of the dimensions of financial transactions as one of the biggest challenges they face, while 41 percent cited the challenge of meeting regulator expectations.
Only 50 percent of the companies surveyed have put into operation the sanctions policies they have created. Companies increasingly are using risk-based approaches to sanctions compliance. Of the 44 percent of survey respondents who reported that their companies had a well-defined, sanctions-specific compliance program in place, 70 percent were either completing or had completed a formal sanctions risk assessment within the past two years.
Money-laundering compliance efforts are oftentimes global. Fifty-five percent of the respondents companies set sanctions compliance policy at the global level, and 40 percent develop and oversee sanctions compliance and procedures at a global level. Thirty-nine percent indicated that their companies board and C-suite executives communicate on sanctions compliance across all geographic regions.
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