Challenges in AML and KYC

The burden of regulatory change  

From Finextra –

“Neil Jeans, Financial Crime Compliance & Risk Consultant, Thomson Reuters, outlines the challenges in the AML and KYC space, and discusses the issues of data in managing money laundering risk and ongoing due diligence.”

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Why the Banking Industry Needs Reform

Five Scandals That Show Why We Need Structural Reform in the Banking Industry

From Truthout –

“Multibillion-dollar scandals have continued to occur at big banks across the world, throwing the integrity of the banking system into question. The current state of banking ethics, the enormous size of banks and the banks' inability to detect real-time fraud all contribute to the ongoing failures in preventing serious banking crimes. In addition to this, the big banks have complicated organizational structures with thousands of subsidiaries operating across multiple markets. Bank acquisitions and cross-ownerships across the globe can make it difficult to unwind trades and transactions in the case of a bank's failure during a crisis.”

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Why is the UK’s anti-money laundering system being seen as "woefully inadequate"?

Britain is being used to wash billions in dirty money — and banks are blocking moves that could crack down on it

From Business Insider –

“Britain's "woefully inadequate" anti-money laundering system has left the country wide open to corrupt money and terrorism funds and needs radical overhaul, a leading anti-corruption group said on Monday.

Each year billions of pounds of dirty money flow through Britain, but the system for identifying it is too fragmented and unaccountable to be effective, according to a report by Transparency International UK (TI-UK).”

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