SHARED AML UTILITIES OFFER POTENTIAL – BUT THEY ARE TOUGH TO ORGANISE AND OPERATE
March 18th, 2024
Anti-money laundering (AML) has developed in a top-down manner, with global standards prompting legislation and hence policies and programmes. But the development of AML utilities, sharing CDD resources, has been more bottom up, with programmes developed through trial and error. And while they can give obliged entities more autonomy in how to comply with resulting AML and combating the financing of terrorism (CFT) demands, development has been slow and uneven.
In theory, such collaboration has broad support across AML/CFT, and has been promoted by both the ...
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