We all know that criminals – and perhaps people in general –
will look for easy ways to achieve their goals - so it’s likely that a money
launderer will not bring it’s dirty money to a bank known for strict KYC
policies and tight AML controls. Also the recent case in Singapore where 1 billion
in assets was confiscated indicates that criminals look for an easy way into
the financial system and often that entrance
sits with real estate companies or luxury goods dealers, not with traditional
banks.
It's therefore a good sign that both in the US and in
Australia new laws and regulations are on the way… fighting financial crime
needs to happen across all entry points, all financial institutions and all businesses
that accept money from people they don’t know well enough… KYC, knowing your
customer is still key in all aspects of business.
No comments:
Post a Comment