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Article: Anti-Money Laundering Spending Up 71 Percent at North American Banks
- Article from:
- U.S. Newswire
- Article date:
- July 9, 2007
CopyrightCopyright 2007 U.S. Newswire. Provided by ProQuest LLC. (Hide copyright information)
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To: BUSINESS EDITORS
Contact: Robert Wade, robertwade@kpmg.com, +1-201-307-7482, Ichiro
Kawasaki, ikawasaki@kpmg.com, +1-201-307-8640, both of KPMG LLP
NEW YORK, July 9 /PRNewswire/ -- Bank executives say spending to
combat money-laundering activities rose by 71 percent in North
America over the past three years, mainly to pay for IT systems and
training staff, according to a new survey by KPMG International. It
was the highest spending rate increase among the regions surveyed,
and well above the 58 percent global average.
With an expectation that the appropriate IT systems are now in
place to support monitoring and regulatory reforms, those same North
American executives expect to hold ...