Banks Should Perk Up Staff Abilities To Control Money Laundering - KPMG
New Delhi: In a report, global consultancy firm KPMG stated that Indian Banks and some other Asia-Pacific countries should perk up their staff abilities to control money laundering actions as training programmes are fairly unsophisticated and laws outdated.
According to a worldwide study by KPMG Forensic, “Respondents across Asia-Pacific tell us that training in many parts of the region is relatively unsophisticated, reflecting outdated legislation and lack of regulatory pressure.”
The study mentioned that 17 per cent of the responders in the area alleged they give training in anti-money laundering (AML) actions to below 40 per cent of their employees.
KPMG articulated although it was frequent for Indian banks to offer training that matched minimum regulatory demands, the quality of training passing off in the region might need to advance to take it up to worldwide standards.
The analysis, carried out among 224 banks from 55 countries, originate a marked shift in the attitude of senior management in India plus Asia Pacific region with rising interest and participation of top officials in AML activities.