This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Increasing Regulatory Workload And Workflow Remain Key Concerns For Compliance Professionals

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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs