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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-08-22T12:33:00
In July 2020, five Dutch banks launched an ambitious, first-of-its-kind collaboration to shine light on the estimated 16 billion euros (U.S. $17.4 billion) worth of illicit funds coursing through the Netherlands’ banking system every year.
ABN AMRO, ING, Rabobank, Triodos Bank, and de Volksbank, which together hold approximately 77 percent of the Netherlands’ banking market, formed an organization that would search for patterns of potential money laundering activities in the business banking accounts of all five institutions.
Money launderers typically use multiple financial institutions to turn their illicit profits into funds that appear legitimate. Having each bank’s transactions siloed, only visible by the anti-money laundering (AML) team at a particular bank, obscures larger patterns of money laundering.
Wouldn’t it be more effective, the founding banks asked, if there was a way to monitor transactions flowing through all our platforms?
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
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2023-10-18T07:00:00Z By Kyle Brasseur
A panel of experts discussed trending topics in the compliance space, including the debate over whether humans or machines will lead future efforts to fight financial crime, during the opening keynote at Compliance Week’s Europe conference in London.
2023-08-29T12:39:00Z By Neil Hodge
Experts share differences of opinion over whether future anti-money laundering supervision in the United Kingdom should be industry specific and whether a single regulator would be more effective than multiple bodies.
2023-08-14T16:17:00Z By Paul Eccleson, for International Compliance Association
Assessing allegations of data manipulation in psychological studies involving a Harvard Business School professor, Paul Eccleson asks whether we can trust research on behavioral science.
2024-07-24T17:54:00Z By Neil Hodge
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
2024-07-15T16:45:00Z By Jeff Dale
The Treasury Department’s Financial Crimes Enforcement Network updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.
2024-06-28T19:30:00Z By Jeff Dale
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
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