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

Transcription

1 2020 Foresight Report: The Impact of Anti-Money Laundering Regulations on Wealth Management

2 2020 Foresight Report: The Impact of Anti- Money Laundering Regulations on Wealth Management Sector Publishing Intelligence Limited (SPi) has been marketing business and market research reports from selected publishers for over five years. SPi offers a personal service to our customers with dedicated research managers who will work with you to source the best report for your needs. Based in the UK, SPi is well positioned to coordinate our customers' orders sourced from over 30 global report publishers. We are pleased to present details of this report to assist your buying decision and administrative process. You will find easy-to-use How To Buy information on the last page of this document. We look forward to being of service to you. If you have bulk and/or recurring requirements, please get in touch - we can liaise with publishers to obtain sample pages and negotiate discounts on your behalf. Phone: +44 (0) or office@sectorpublishing.com 2

3 2020 Foresight Report: The Impact of Anti- Money Laundering Regulations on Wealth Management 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 Additional Details Publisher : Global Data Reference : WI0006FR Number of Pages : 67 Report Format : PDF Publisher Information : A leading global business intelligence provider offering advanced analytics to help clients make better, more informed decisions every day. 3

4 Table Of Contents for 2020 Foresight Report: The Impact of Anti-Money Laundering Regulations on Wealth Management 1 What is this report about? 2 Executive Summary 3 Money Laundering Global Market Dynamics 3.1 Global Snapshot 3.2 Regional Overview 3.3 Key Drivers 3.4 AML End Markets 4 Key Operational and Technological Trends and Challenges 4.1 Operational Trends 4.2 Technology Trends 4.3 Challenges 5 Key Regulatory Trends and Impact Assessment 5.1 Developed Economies FATF recommendations of February The EC released a proposal for its Fourth Money Laundering Directive FATCA enacted in the US in Anti-money laundering legislation in the UK, October Proceeds of Crime (Money Laundering) and Terrorist Financing Act in Canada, May Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance, Cap 615 in Hong Kong, April Monetary Authority of Singapore (Anti-Terrorism Measures) Regulations, Developments in Emerging Economies Brazil Russia India China 5.3 Regulatory Challenges 6 Global Compliance Spending Trends 6.1 Operational Expenditure 6.2 IT Expenditure 6.3 Software Expenditure 6.4 Market Dynamics by Type of Firms 7 Best Practices in AML Compliance 7.1 Key Recommendations AML/CFT policies and coordination Money laundering and confiscation Terrorist financing and financing of proliferation Preventive measures Transparency and beneficial ownership of legal persons and arrangements Powers and responsibilities of competent authorities and other institutional measures International cooperation 7.2 Case Examples Wegelin & Co. s non-adherence to AML regulations Adoption of software by Capital Bank to counter money laundering 4

5 7.2.3 Bank Central Asia (BCA) selects NICE Actimize to improve its AML processes Central Bank penalized three Indian banks for violating KYC regime US authorities charged HSBC with violating CDD requirements 8 About WealthInsight 5

6 List Of Tables in 2020 Foresight Report: The Impact of Anti-Money Laundering Regulations on Wealth Management Table 1: List of Banks Which Were Imposed Money Laundering Sanctions, Table 2: Key Destinations for Offshore Wealth, 2011 Table 3: FATF s Member Countries and Organizations, as of June 2013 Table 4: FATCA Regulations and Impacts Table 5: AML Regulations Enacted or Amended in the US, Table 6: Evolution of AML Regulations in the UK, Table 7: Provisions Under Proceeds of Crime (Money Laundering) and Terrorist Financing Act Table 8: Documentation Under KYC Process Table 9: Global AML Compliance Spending (US$ Million), Table 10: Global AML Compliance Operations Spending (US$ Million), Table 11: Global AML Compliance IT Expenditure (US$ Million), Table 12: Global AML Compliance Software Spending (US$ Million), Table 13: Leading AML Vendors and Type of Solutions Offered Table 14: FATF Recommendations, 2012 Table 15: AML/CFT Policies and Coordination Table 16: Money Laundering and Confiscation Table 17: Terrorist Financing and Financing of Proliferation Table 18: Preventive Measures Table 19: Transparency And Beneficial Ownership Of Legal Persons and Arrangements Table 20: Powers And Responsibilities of Competent Authorities and Other Institutional Measures Table 21: International Cooperation 6

7 List Of Figures, Charts and Diagrams in 2020 Foresight Report: The Impact of Anti-Money Laundering Regulations on Wealth Management Figure 1: AML Regulatory Enforcement Levels Across the World Figure 2: AML Regulatory Impact on End Markets Figure 3: AML Regulatory Developments, Figure 4: AML Challenges and Their Importance Among Financial Institutions Figure 5: Emerging Regulatory Trends and Impact Analysis Figure 6: AML Regulations in the US Figure 7: Impact of AML Regulations on Financial Institutions in Hong Kong Figure 8: Global AML Compliance Spending (US$ Million), Figure 9: Global AML Compliance Operations Spending (US$ Million), Figure 10: Global AML Compliance IT Expenditure (US$ Million), Figure 11: Global AML Compliance Software Spending (US$ Million), Figure 12: Case Study Wegelin s Non-Adherence to AML Regulations Figure 13: Case Study Capital Bank s Use of the SAS AML Solution Figure 14: Case Study BCA Deployed AML Solutions From NICE Actimize Figure 15: Case Study RBI Penalized Axis Bank, HDFC Bank and ICCI Bank Figure 16: Case Study US Allegations Against HSBC of Violating CDD Requirements 7

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