We wish to thank Jane Jee for sending in the note that follows. Jee is CEO of Kompli-Global, a regtech enterprise that uses digital technologies to reveal hard-to-detect adverse information.
"Recently leaked documents involving about $2 trillion of transactions revealed how some of the world's biggest banks have allowed criminals to move dirty money around the world," Jee wrote. "The International Consortium of Investigative Journalists recently released files that were mainly Suspicious Activity Reports filed with a U.S. Treasury Department agency known as the Financial Crimes Enforcement Network, or FinCEN.
"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 prevent these scandals. Regulated entities no longer have an excuse not to take effective action to comply with AML and related legislation. It's time for the industry to step up and take charge—it's not just their own profits and reputation they are risking; it's the safety and stability of the communities around them as well. Financial crime wrecks lives."
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