E38: How do we move from ‘1%’ to greater AML efficiency?

Billions are invested in KYC, but only 1% of money laundering is stopped. So why is that?

This week we have AML expert Louise Brown from Financial Compliance Group (FCG) in the studio to discuss this question and the following exciting topics:

– The extensive and recent money laundering scandal in Sweden, where 34 out of 43 exchange offices were linked to direct criminal activities, and it emerged that one single foreign exchange office in Stockholm had laundered millions in drug money and transferred funds to terrorist organizations.

– How criminals misuse the system and operate under the radar because government authorities are not permitted to share information due to local privacy legislation.

– Why a "culture of trust", lack of background controls, and very little practice in following up and monitoring make the Nordic countries an easy prey.

– And lastly, we deep dive into the "KYC bottlenecks" and look at how they can be removed.

1) Limited human resources.

2) Restricted data-sharing between government bodies

3) Poor data quality in the register of unique beneficiary owners managed by the Swedish Companies Registration Office. 

Tune in and enjoy!

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