ALTERNATIVE BANKING PLATFORMS GENERATE CONCERNS AMONGST AML ORGANISATIONS
February 1st, 2014
You can easily see why virtual banks - or ‘alternative banking platforms’ (ABPs) - make sense for some customers (not least money launderers) who only want to move money from A to B. These entities are often completely unregulated and generally don't have any kind of physical presence, let alone a network of bank branches, so their costs are tiny. But caveat emptor! "The risk that criminals face with dodgy banks is that if you’re hiding dirty money you don’t have much recourse to the authorities if something goes wrong," says Professor Michael Levi, ...
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