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TheStreet Open House

Increasing Regulatory Workload And Workflow Remain Key Concerns For Compliance Professionals

Stocks in this article: NWSNWSA

NEW YORK, Oct. 2, 2012 /PRNewswire/ -- Compliance departments are feeling increasingly challenged by additional regulations, coupled with higher regulatory expectations and a greater appetite for enforcement,  according to a joint Dow Jones Risk & Compliance and Association of Certified Anti-Money Laundering Specialists (ACAMS) survey released today at the 11 th annual Anti-Money Laundering & Financial Crime Conference in Las Vegas.

The survey, in its second year, is designed to assess the current regulatory environment and deepen the understanding of client screening processes, content and systems. More than 1,200 compliance and anti-money laundering staff responded to the survey, double the number of respondents last year.

"The significant number of responses to the survey provides unprecedented insight into the state of anti-money laundering compliance and the considerable challenges faced," said Rupert de Ruig, managing director of Risk & Compliance, Dow Jones & Company. "Regulatory pressures continue while firms struggle with a range of other workflow challenges, such as lack of staff and technology limitations. However, respondents do think that some of these issues will become more manageable over the coming year, perhaps due to investment resulting from a growing senior management focus on anti-money laundering," Mr. de Ruig added.

"The survey is evidence of the continuing challenges facing the ACAMS community. The results will assist our members with strategic planning, training and resource allocation," said John Byrne, CAMS, ACAMS executive vice president.

The survey found that increased regulatory expectations are the greatest anti-money laundering compliance challenge, cited by more than half of those polled worldwide, and seen by the same number to be an ongoing challenge over the coming year. Staffing shortages, inadequate staff training and technology concerns are also widespread challenges, each cited by one-third of respondents. They appear slightly more optimistic going forward with regard to staffing levels, availability of qualified staff, improvements in technology and reductions in false positives, or low-precision matches. However, they are more concerned about the future impact of additional regulations and increased enforcement.

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