Banks need to overhaul anti-money laundering mechanism: Deloitte Report

Banks and financial institutions across South Asia need to redesign their processes to deal with cases of money laundering even as they are facing increased challenges in meeting heightened regulatory expectations, consultancy firm Deloitte said in its latest South Asia Anti-Money Laundering Preparedness Survey.
 

The survey will be released on August 26 and its content have been shared with Business Standard.
 

As per the findings of the survey, while banks have been reactive in dealing with such cases, usually with understaffed teams, they will have to do better to get ahead of the cases and follow a “If you could