You don’t need me to tell you that the cost-benefit equation of counter-money laundering laws and regulations is tipped way too far in the wrong direction, nor that the laws and regulations we have are onerous and infective, that the original plan, that ordinary people would watch out for dodgy activity and report it has been lost under a weight of bureaucracy.
You don’t need me to tell you that because you already know it.
The thing is, it’s a far from new problem. And supranational bodies, trade associations, legislators and regulators are hounding an already exhausted fox into a hole where the bites will cause irreparable harm, if they have not already done so.
In this last newsletter before whatever Christmas will mean this year and, indeed the last newsletter for 2020, let’s have a look at just two of the several live issues in relation to financial crime risk and compliance.
But first, welcome to the several hundreds of new subscribers since my previous newsletter and to those joining us for the first time from our e-learning platform.
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Monday, 20 January, 2020 – 01:15
It’s the everyday challenge for the financial crime risk officer.
There is something he’s not satisfied with but he can’t prove it – it’s his experience, what some call his “gut reaction” that says “this doesn’t stack up. We shouldn’t do this business.”
But there are reasons why the business should be done.
There is a fundamental imbalance and, incredibly, a fundamental irony.
Wednesday, 30 August, 2017 – 05:55
When the Commonwealth Bank of Australia (CBA) story first appeared, I instructed World Money Laundering Report that we should not become involved in what would inevitably become a frenzy of speculation and ill-informed comment as consultants (of which I am, obviously, one) and media outlets vied to benefit their own profile, and to get website visits, while the story was hot. I wrote what amounted to a placeholder article .