The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Banks step up fight against money launderers

Financial Security

       
David Leppan

Banks are turning to technology more in their efforts to counteract financial crime. Financial institutions have recognized the need for more sophisticated and alternative measures such as software and databases that review banks' clients and allow advanced analysis of the movement of funds. Financial institutions are increasingly interested in using these against money laundering and terrorist funding, for example. Such products are being used in attempts to strengthen existing internal systems but they are not all-encompassing.


Paul Doxey of consultancy Andersen, says: "There has been speculation around the world as to what banks should do to protect themselves against money laundering and other financial crimes. There's all sorts of new technology being promoted for helping with this. It's very much a new and growing market."


In the current, inflated anti-terrorism environment "know your customer" is the catch phrase, whereby banks are encouraged to have more in-depth knowledge about their customers and an understanding of their dealings.



You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree