On 11th October, an Occasional paper from RUSI examines the effectiveness of the current AML model, with particular reference to the financial services sector, and makes 8 relevant recommendations to enhance the model’s future effectiveness. One of the comments made is about the growing attempt to transform reactive financial crime ‘compliance’ cultures into proactive ‘risk management’. It says that there are early indications that such efforts, combined with initiatives to increase organisational agility, deploy new technology and improve partnerships with other financial institutions and the public sector, are improving the efficiency of the current AML model. This helps, it argues, counter the “fragmentation” – between countries, private and public sectors, and individual institutions – that leads to financial institutions having a narrow view of who their clients are, and what their behaviour might signify – making potential criminality harder to detect.
https://www.rusi.org/sites/default/files/20191011_deep_impact_web.pdf
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