DELOITTE REPORT: SOUTH ASIA BANKS NEED TO TAKE LONG-TERM VIEW TO CURB MONEY LAUNDERING

On 3 September, Sambad reported that banks need to take a wider and long-term view, apart from trying to meet the minimum regulatory requirements, to curb and avoid money laundering activities, according to a survey by Deloitte Touche Tohmatsu India LLP – South Asia Anti-Money Laundering Preparedness Survey Report 2020.  The survey conducted with leading banks and financial institutions in India, Sri Lanka, and Bangladesh earlier this year, highlighted “siloed risk management” approaches across banking operations, CDD, sanctions screening, and trade-based transactions as the root cause for systemic inefficiencies leading to fraud.

https://sambadenglish.com/banks-need-to-take-long-term-view-to-curb-money-laundering/

The report itself can be accessed at –

https://www2.deloitte.com/content/dam/Deloitte/in/Documents/finance/Forensic/in-forensic-AML-Survey-report-2020-noexp.pdf

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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