Andreia DeVries, National Public Relations Manager, email@example.com, 212.520.1266
for media use only
RSM US LLP – the nation’s leading provider of audit, tax and consulting services to the middle market – today announced the release of its Anti-Money Laundering (AML) Survey, which assesses the AML departments from more than 200 commercial banks and credit unions to gauge best practices and challenges in a changing regulatory landscape.
The survey reveals 88 percent of commercial banks and credit unions are confident in their compliance with the new beneficial ownership rules, and 91 percent are confident in their overall compliance with the final Customer Due Diligence (CDD) rule. However, challenges regarding training, technology and efficiency persist, indicating a need for increased guidance.
“Regulatory scrutiny and enforcement are continuing to put pressure on anti-money laundering programs, and banks and credit unions need to continuously enhance their strategies to address these mandatory changes,” said Rob Farling, national leader of AML & regulatory compliance with RSM US LLP. “We hope that our analysis of similar institutions’ AML functional structures, specifically in relation to CDD and beneficial ownership compliance, can help banks and credit unions keep their own programs compliant and navigate the ever-changing regulatory environment with ease.”
Additionally, the survey sheds light on some of the top pressures banks and credit unions are currently facing and explores opportunities for these institutions to improve their practices in these areas. The issues identified in the survey include:
To download and read the AML Survey, visit our website here.
RSM’s purpose is to deliver the power of being understood to our clients, colleagues and communities through world-class audit, tax and consulting services focused on middle market businesses. The clients we serve are the engine of global commerce and economic growth, and we are focused on developing leading professionals and services to meet their evolving needs in today’s ever-changing business environment.
RSM US LLP is the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with 51,000 people across 123 countries. For more information, visit rsmus.com, like us on Facebook, follow us on Twitter and/or connect with us on LinkedIn.