Google’s New AI Tool: Anti-Money-Laundering for Banks

Google Cloud has a new artificial-intelligence tool that tackles money laundering for banks. 

But how does this product differ from those already on the market? WSJ reporter Dylan Tokar joins host Julie Chang to discuss.

The global system for combatting financial crime is hugely expensive and largely ineffective

Another bank is preparing to face the music over alleged failings in its efforts to curb flows of dirty money. NatWest, one of the UK’s largest lenders, is set to appear in court in London to respond to charges that it failed to properly scrutinize a gold-dealing client that deposited £365m with the bank—£264m of it in cash.

NatWest (which has said it is co-operating with the investigation) is the latest in a long line of banks to be accused of falling short in the fight against dirty money. 

In 2020 global banks were fined $10.4bn in penalties for money-laundering violations. This is an increase of more than 80% on 2019. 

In January, Capital One, an American bank, was fined $390m for failing to report thousands of suspicious transactions. 

Danske Bank is still dealing with the fallout of a scandal that erupted in 2018. Over $200bn of potentially dirty money was washed through the Danish lender’s small Estonian branch while executives missed or ignored a sea of red flags.

Closer examination suggests that the global anti-money-laundering (AML) system has serious structural flaws, mainly because governments have outsourced to the private sector much of the policing they should have been doing themselves. 

Read the full article on The Economist HERE

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).”

Read more>>

Managing the pressure to improve KYC

From Finextra –

“Marc Romain, chief operating officer, client on-boarding & KYC solutions at Thomson Reuters, speaks about the challenges of managing KYC and how to maintain an efficient client relationship while handling the complexity of multi-jurisdictional regulation.”

Watch the video>>



 

Anti-Money Laundering & KYC Compliance Programme

Dubai – 27/28 October 2015

London – 30 November/ 1 December 2015

Special Summer Promotion until 31 Aug £1700 + VAT. Regular Price £2095 + VAT. Group discounts available at all times: 5% for 2 and 10% for 3 people

This 2-day intensive course is designed for bankers and professionals working in the financial services industry to provide them with a better understanding of:

• Money laundering and terrorist financing
• Suspicious transaction reporting and suspicious activity indicators
• Customer due diligence and record keeping and
• International regulatory standards

An effective AML compliance programme requires sound risk management practices. This highly practical 2 day course provides guidance on identifying and controlling risks associated with money laundering and terrorist financing. You will learn about the latest regulatory requirements and the industry best practices in preventing money laundering and terrorist financing.

The course includes many case studies illustrating AML techniques and strategies from around the world.

FULL DETAILS

REGISTER NOW

e-mail Eureka at enquiry@eurekafinancial.com or call +44(0)207 993 8597