The potential risks related to financial fraud and noncompliance with anti-money laundering (AML) and anti-bribery regulations are significant for firms in the investment management sector. Even firms not subject to the AML compliance regulations can find themselves in trouble if they do not have process and controls designed to prevent and detect money laundering, which could result in prosecution, significant fines and irreparable damage to a company's reputation. Although most senior officers at private equity firms, hedge funds and mutual funds acknowledge that these risks exist, many are convinced that their organizations have taken adequate precautions to detect or prevent them. But have they? 

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