European banks are ramping up spending on the fight against financial crime, after a wave of money-laundering scandals on the continent.
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| EUROPE’S MONEY LAUNDERING PROBLEM |
| 1. Can Europe’s banks wash themselves clean? |
| Calls to make those in charge responsible |
| 2. Why Europe can’t stop money laundering |
| Is Brexit good news for money launderers? |
| 3. Regulators find few lessons in Danske |
| 4. How privacy fears slow UK-style data sharing |
| 5. Danske wields risk axe after Estonia scandal |
However, industry insiders betray little optimism about the impact it will have on crime, let alone on banks’ reputations.
Rob Wainwright, a former head of Europol now working at Deloitte, gives a typical assessment: “Banks are spending more and more on anti-money laundering (AML) staff and technology over the past 10 years, but the problem of financial crime in the system as a whole is arguably not getting any better.”
A public-private partnership developed in the UK during the past three years is a rare...
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