The AML Watchman

The world of AML has changed out of all recognition over the last decade. Old crimes are subject to new laws, professional firms and financial institutions are subject to criminal sanctions and regulatory review as never before. Yet the individual client has virtually no say over what various national governments and their competing departments are doing to their rights and liberties in their name. This blog attempts to address the dilemma posed by the question “Quis custōdiet ipsōs custōdēs?”

Showing posts with label technology. Show all posts

Sunday, 9 August 2009

Are our bank's now so target driven that they have completely lost the plot?

Chris Skinner's blog is a marvellous read and gives excellent examples of how technology and Web 2.0 can and should be used and how most financial services businesses just don't get it.

The post above being a wonderful demonstration of what is good for the bank can be appalling for it's clients.

How is Chris's experience relevant to Anti-Money Laundering? After all its not great KYC to disrupt your client's experience. Was this bank's behaviour driven by meeting sales targets on a certain kind of account (is this the dominant cultural theme?) or is it a cunning plan to delay a transaction whilst seeking consent (just kidding)?

Seriously, are the banks in the UK now so focused on how to make money out of their clients are they going to bothered with taking AML seriously?

It makes me wonder.