Global money laundering transactions account for roughly $1 trillion to $2 trillion annually, or some
2 percent to 5 percent of global GDP, according to a 2018 survey from PwC.
When you look at your financial crime operations, does the following sound familiar?
It sometimes feels as if we’ve been talking about PSD2 forever, yet awareness of the Open Banking aspect remains limited, even within banking. It hasn’t helped that some markets, such as the UK, have undertaken their own Open Banking initiatives in addition and parallel to PSD2.
We often use the analogy of payments being a little like plumbing – it tends to be hidden away out of sight, and as long as water comes out of the tap, then we generally don’t think about the pipes themselves.
A few weeks ago, I had the opportunity to attend another annual ACAMS AML & Financial Crime Conference in Las Vegas, Nevada. We all know conferences are a convenient way to spend time with customers and prospects, meet with partners, hear about the ever-evolving market challenges, and watch fellow AML professionals share case studies and lessons learned. But sometimes these conferences can be a whole lot of re-hashed stuff masked as “the new challenges you’ve yet to face, or best practices that you must adopt.”