Anti-Money Laundering: Is the industry taking the correct approach?
15SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Are you a fan of the AMC series “Breaking Bad?” In this story, the unsavory lead character Walter White engages in money laundering to “cleanse” the illegal proceeds of his highly lucrative criminal enterprises. Throughout the course of the series, he launders funds via numerous and increasingly complex methods.Despite his concerted efforts, at the end of the story, Walter is sitting – literally – on a pile of yet-to-be laundered money. This cautionary tale illustrates an important takeaway for financial institutions and other organizations: There is, apparently, a never-ending amount of money to be moved illegally. Industry estimates are that 2 to 5 percent of global GDP is laundered. Not surprisingly then, spending on anti-money laundering (AML) programs continues to grow.“The technology necessary to scan for money laundering in real time and preempt suspicious transactions exists, and there are a number of valid use cases for it. However, there are many considerations to this approach for companies and even industries as a whole to consider.” continue reading »