Financial companies plan to boost their spending on anti-laundering technology over the next year, according to a report KPMG LLC released Thursday.
Of the financial executives KPMG surveyed at a security conference last month, 51% said they plan to install an automated transaction monitoring system in the next 12 months to spot potential money laundering, and 64% of the respondents said they had installed some kind of anti-laundering system in the past 18 months. More than half said they expect to spend more on their systems.
The New York accounting and consulting company said that 68% of the respondents are trying to find gaps in their transaction-monitoring systems.
KPMG surveyed banking, securities, and insurance executives at the Florida International Bankers Association Annual AML Compliance Conference in Miami.
Regulatory demands and the ongoing growth of illegal financial activities are driving the increased investments, KPMG said.
"It is clear that senior management understands that they will need to continue investing in automated AML transaction monitoring systems to meet regulatory expectations," Antonio Pereira, a principal in KPMG's forensic services practice, said in a press release.
