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ReadersSpeak
"The FinCEN files reveal that banks have severely come up
short ... failing to carry out proper Customer Due Diligence
(CDD) aka Know Your Customer (KYC) checks, ignoring
publicly available evidence of wrongdoing by clients, and
failing to block accounts where there was clear suspicious
activity.
"Therefore now, more than ever, it is time for a step change
in how government, industry and regulators tackle money
laundering, especially as the technology is available to
Lax anti-money laundering efforts prevent these scandals. Regulated entities no longer have
an excuse not to take effective action to comply with AML
e wish to thank Jane Jee for sending in the and related legislation. It's time for the industry to step
note that follows. Jee is CEO of Kompli- up and take charge—it's not just their own profits and
Global, a regtech enterprise that uses dig- reputation they are risking; it's the safety and stability of
W ital technologies to reveal hard-to-detect the communities around them as well. Financial crime
adverse information. wrecks lives."
"Recently leaked documents involving about $2 trillion What's your take on regtech?
of transactions revealed how some of the world's biggest Fintech and payments are transforming commerce. Do
banks have allowed criminals to move dirty money around you see regtech having a key role in the payments world
the world," Jee wrote. "The International Consortium of going forward?
Investigative Journalists recently released files that were
mainly Suspicious Activity Reports filed with a U.S. Let us know at greensheet@greensheet.com?
Treasury Department agency known as the Financial
Crimes Enforcement Network, or FinCEN.
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