Ethics and governance in the European Financial centers

KPMG’s recent study among 224 banks from 55 countries found that banks’ spending on anti-money laundering (AML) systems and processes has risen by an average of 58 percent over the last three years. In North America and in the Middle East and Africa, spending has increased by 70 percent or more. These increases are far in excess of banks’ own predictions when KPMG Forensic carried out its last study in 2004, when respondents on average predicted an increase of 43 percent. The biggest spending continues to be on transaction monitoring and staff training costs.

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