UK’s new anti-money laundering campaign - which banks are found on the hitlist?

 


It looks as if the United Kingdom had declared war on those, who try to launder money in the UK-based banks. The means to tighten the control and seal the transfers? Now the banks which will fail to detect suspicious transferring could potentially be prosecuted.

One of the examples of that is Standard Chartered, which unsuccessfully proceeded with a certain money transfer. When the suitcase with over £500 thousand in different currencies arrived, they failed to notify the officials, and now are being fined £102 million for that. But that is just an example, and it appears like it could be one of many.

The United Kingdom (according to “FinCEN files”) is the leader of the ranking for the world’s biggest laundry room. And the regulators, who are aware of that, are now implementing changes that should, in theory, solve the problem.

How will the UK tackle the problem?

Everything seems to have been sped up by the Brexit, as the European Union has before disagreed with the UK’s vision about the solutions for the problem. But as the EU’s agreements are no longer necessary, a new, independent and innovative agenda was introduced.

One of the new solutions is to prosecute banks and companies that unsuccessfully detect money laundering and other unlawful actions. One could wonder, how will they be all of a sudden able to do so, since they weren’t for the past good amount of years. Well, that is where the Fintech branch comes in and potentially takes the lead. The proposed solutions involve both the human eye and brain, but also Artificial Intelligence and other technological solutions.

To find out about the details of the story and the possible outcomes, visit the original Oliver Rhodes’ piece, that was published on the Disruption Banking’s website. The author not only analyzes the current situation but also provides great expertise. To find his work, use the following link: https://disruptionbanking.com/2020/11/10/banks-on-the-hitlist-for-uks-anti-money-laundering-crusade/.

 

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