Rising cost of money-laundering fight

A STUDY conducted by financial giants KPMG has found the cost of fighting money laundering has risen dramatically for banks worldwide in recent years.

It said the task is becoming more difficult due to the increasing complexity of financial markets, greater exposure to unfamiliar emerging markets and the growth of alternative assets.

“Irish banks have worked hard and have spent large amounts of money ensuring that their systems meet the enormous range of regulations in place” said Andrew Brown, of KPMG Forensic.