Modern-day banking’s need to respond to the financial crime threat is detailed by Niall Hearty
Niall Hearty wrote about the challenges posed by technological developments making banking easier for criminals as well as legitimate customers.
In his piece, which was published by The European Financial Review, he says that financial institutions and banks have to find ways of preventing the opportunities for financial crime developing at the same rate as the technological advances in their sector.
Niall explains that the authorities are struggling to identify how the banking network is being used by those involved in criminal activity. He adds that the problem is made worse because banks are often focused on complying with national anti-money laundering regulations. Such regulations, he argues, may not be ideal in an era of globalised banking.
He concludes that any genuine efforts to prevent movement of the proceeds of crime across borders need to be conducted on a united, global basis.
The full article can be read here.
