Fixing Banks’ AML Achilles’ Heel — Before The Fraudsters Pounce
PYMNTS
JUNE 17, 2020
According to a report in ZDNet , Westpac said that “a mix of technology and human error” and “deficient financial crime processes” were behind the financial institution’s (FI’s) lack of compliance with anti-money laundering (AML) regulations. It’s expensive to do, and as a result, these risks take away from banks’ profitability.”.
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