Global money laundering losses are currently estimated to top US$1 Trillion a year, with stolen and
illicit funds being used to finance everything from terrorism, the illegal drug trade, people trafficking
and supporting criminals’ lavish lifestyles.
But while the numbers and volume of losses speak for themselves, legislators across Europe look set
to take an even tougher line against institutions that fall foul of money launderers – including
retrospective analysis of historic frauds.
It has emerged that the European Commission (EC) is now revisiting historic money laundering cases
at EU banks to determine if current rules need to be updated. Included is a review of cases between
2012 and 2018. It’s hoped it will highlight how and where banks fell short in preventing the crimes.
At the same time, the EC also looking at critical cases where financial institutions collapsed following
money laundering scandals, including Latvia’s ABLV and Malta’s Pilatus.
Several high-profile German and French banks are also among the lenders being screened. In 2017,
one was fined US$425 million in the USA relating to a scandal which saw US$10 billion moved out of
Russia between 2011 and 2015. Elsewhere, another was obliged to pay US$95 million relating to a
dispute in the US over violations of anti-money laundering regulations.
The new review means that right now, is a timely opportunity for lenders across the UK and the rest
of EMEA to invest in getting processes in place and updated to ensure they have the latest
safeguards to help protect their customers, their businesses and their reputations.
Our compliance solutions already have a proven track-record, with one UK high street lender already
saving €50 million a year thanks to our ability to help its fraud and anti-money laundering teams
better manage risk by delivering a comprehensive picture of their business and retail customers.
Consultancy-driven insight, risk and regulatory analytics enables us to aggregate and match a
multitude of different internal and external sources to provide the most up-to-date, reliable
information available, enabling fast, smart and scalable due-diligence, Anti-Money Laundering and
Know Your Customer checks.
Given we’re all working in a complex global economy, many businesses also have equally complex
ownership structures that can span national boundaries, making it far harder to identify
shareholders and owners. But as ever, it’s all about the data and with some lenders working with
incomplete information, or spending significant time manually determining company ownership and
control. As a result, getting a consistent and accurate view of financial crime risk can be a challenge.
If something gets missed, it’s clear the fines and penalties are serious. As well as delays,
inconvenience, negative customer experience and reputational losses.
With a combination of advanced analytics and web data insights, we can help banks carry out these
checks quickly and easily by assessing the full business structure, to determine ownership and
control. Individuals associated with the business can be authenticated, with additional screening and
checks carried out, providing increased confidence that you know the businesses you are dealing
As ever, success hinges on combining effective fraud prevention with improved customer
experience. We can integrate our solutions into your systems via an API web interface to deliver
analysis in real-time, or online via web-based portfolio monitoring tools. It means you get smart
insights at speed and scale.