2 Results from 2019
Shirish Netke President at Amberoon
As more banks make headlines through failing to effectively monitor and report on money-laundering activity, we need to rethink the AML problem and the roadblocks to solving it. To restate the problem, we have $2T laundered through the banking system every year. About $25B is intercepted by law enforcement and $70B is spent by banks on AML. And yet...
28 November 2019 /regulation Artificial Intelligence and Financial Services
Money laundered through the banking system is estimated to be over 2 trillion dollars a year. A recent study by BAFT (Bankers Association of Finance and Trade) estimates that 1% of the proceeds from financial crimes are intercepted. Meanwhile, nine out of ten suspicious activities flagged by AML software in banks are false alarms. Let’s put these ...
20 January 2019 /ai /regulation Banking Regulations
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