Looking closely at the networks over which the AML battle is
waged can provide clues to improving an unwieldy process.
Measures designed to combat money laundering dominate the global
regulatory environment. The Financial Action Task Force
comprehensively monitors the AML activities of virtually every
nation in the world; jurisdictions continually issue new
regulations; and institutions spend billions of dollars on
technology and manpower to know their customers, monitor
transactions, and file reports for investigation by regulators and
law enforcement.
And yet it is a war we are nowhere close to winning–or
even fighting to a draw, as evidenced by a steady stream of
high-profile news stories. As the most recent Basel AML Index put
it, "Clearly, still too little is being done to effectively
counter ML/TF risks."
