Nearly 800 financial crime professionals said the biggest threats to the effectiveness of their anti-money laundering (AML) programs are budget cuts and their inability to keep pace with more aggressive and innovative uses of technology by criminals to commit fraud.
Eighty-nine percent of respondents to a new survey by the Association of Certified Anti-Money Laundering Specialists (ACAMS) said they believe an economic downturn poses a “moderate,” “high,” or “very high” risk to their financial crime functions over the next two years.
