The Biggest AML Mistake Banks Still Make - And Criminals Love It!
- 9 hours ago
- 1 min read
Financial crime grows every year, while banks and financial institutions invest billions to fight it. Compliance, transaction monitoring and Anti-Money Laundering programmes are taking over our lives and making business harder every day. But are we doing it right?
For some unknown reason, many financial institutions still tick boxes instead of seeing the big picture and focus only on individual transactions, while much larger behavioural changes develop across an account over months or even years.
Money laundering rarely starts with one suspicious payment. Criminals gradually change how an account behaves, how frequently money moves, who sends the funds, where the funds travel and how the commercial activity develops.
The biggest weakness in today’s financial crime prevention strategy is ignoring “the behaviour”.
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