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RSM anti-money laundering survey of compliance and risk executives
FINANCIAL SERVICES
1
Banks have limited full-time AML employees
had five or fewer full-time employees (FTEs) responsible for BSA/AML
4
2
AML budgets are stable but are expected to rise
6 Banks are using AML software to better identify suspicious activity
5 Time spent on investigations and documentation varies
7 Banks want greater efficiency in the AML process
3
Leveraging outside resources to ease AML burden
$200Kand many expect to increase by a median of 10 percent
banks use software to identify suspicious activity
RSM US LLP is a limited liability partnership and the U.S. member firm of RSM International, a global network of independent audit, tax and consulting firms. �e member firms of RSM International collaborate to provide services to global clients, but are separate and distinct legal entities that cannot obligate each other. Each member firm is responsible only for its own acts and omissions, and not those of any other party. Visit rsmus.com/aboutus for more information regarding RSM US LLP and RSM International. RSM® and the RSM logo are registered trademarks of RSM International Association. �e power of being understood® is a registered trademark of RSM US LLP. © 2017 RSM US LLP. All Rights Reserved.
outsource BSA/AML internal audits
TRENDS
9 out of 10
TOPAML
LARGE BANK
SMALL BANK
70%OVER
had at least one full-time certified AML professional
3 of 4
of small banks doHALF
large banks
BSA/AML budgets were BSA/AML
budgets at large banks
were
5 TIMES AS MUCHas those at smaller banks
$250K
$50K(MEDIAN)
OUTSOURCING
outsource AML model validation testing
62% 53%of BSA/AML functions is prevalent
Conducting each EDD review
Clearing suspicious activity alerts
TIME SPENT ON:
Median1.0HRS
Mean2.5
HRS
Investigating each escalated alert
Median2.0HRS
Mean5.7
HRS
AML software’s purpose is to make identifying suspicious activity more efficient
larger banks use BSA/AML software to improve the effectiveness of identifying suspicious activity
2IN3
with their BSA/AML function’s effectiveness
95%
EFFECTIVENESS is the main focus of the BSA/AMLfunction satisfied TIME
CONSUMING
but BSA/AML activities are
Banks have highly centralized AML compliance functions
People responsible typically hold the title of CHIEF COMPLIANCE OFFICERCHIEF RISK OFFICERBSA/AML OFFICER
Median2.0HRS
Mean6.2
HRS
�e RSM AML Survey was conducted to help banks benchmark their AML efforts against their peers. �e survey covers AML functional structure, staffing levels and certifications, costs, risk tolerance, performance of key compliance processes, technology and training, and it provides data that enables institutions to better evaluate the performance of their AML departments by comparing themselves to their peers across key metrics.
$1B-<$20B in assets
$500M-<$1Bin assets
IN THE BANKING INDUSTRY