Page 8 - GS201001
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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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