Money Laundering: Review of the Reporting ... - Dematerialised ID
Money Laundering: Review of the Reporting ... - Dematerialised ID
Money Laundering: Review of the Reporting ... - Dematerialised ID
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kpmg<br />
<strong>Review</strong> <strong>of</strong> <strong>the</strong> regime for handling Suspicious Activity Reports<br />
Report <strong>of</strong> recommendations<br />
KPMG LLP<br />
Figure 4.8: Rough estimated costs <strong>of</strong> <strong>the</strong> SAR regime<br />
Disclosing entities ECB LEAs<br />
Capital cost: c£60m<br />
Annual compliance cost: c£90m Annual running cost: c£6m Annual running cost: c£5m<br />
4.8.2 Disclosing entities have both a capital cost <strong>of</strong> installing computer systems and s<strong>of</strong>tware,<br />
and <strong>the</strong> ongoing annual compliance cost both for staff employed in AML and antiterrorist<br />
financing activities and in ongoing training <strong>of</strong> <strong>the</strong> relevant staff throughout <strong>the</strong>ir<br />
organisations. It is certainly <strong>the</strong> case, however, that disclosing entities would have spent<br />
a proportion <strong>of</strong> this money in any case, regardless <strong>of</strong> <strong>the</strong> SAR regime, on AML and antifraud<br />
measures.<br />
4.8.3 The figure for ECB costs was obtained from <strong>the</strong> NCIS finance department and includes<br />
<strong>the</strong> whole <strong>of</strong> ECB, both <strong>the</strong> personnel directly involved in <strong>the</strong> processing and allocation<br />
<strong>of</strong> SARs and those who conduct ECB’s wider liaison and intelligence development work.<br />
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