- 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?
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Register for free
Access one free, non-premium article each month.
Complimentary CPE webcasts, resources, and e-Books.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
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.
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.
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.
The Department of Justice’s renewed scrutiny toward a corporation’s approach to the use of personal devices strengthens the case for companies to get away from bring your own device, a panelist at Compliance Week’s 2024 National Conference argued.
Compliance failures in the supply chain are hampering organizations’ efforts to implement environmental, social, and governance initiatives and meet disclosure requirements, according to a new report by U.K. law firm Burges Salmon.
Examiners with the Securities and Exchange Commission found investment advisory firms have generally done well creating processes to comply with the agency’s amended marketing rule but some have fallen short in ensuring compliance.
