August 23, 2023

We all know that criminals – and perhaps people in general – will look for easy ways to achieve their goals – so it’s likely that a money launderer will not bring it’s dirty money to a bank known for strict KYC policies and tight AML controls. Also the recent case in Singapore where 1 billion in assets was confiscated indicates that criminals look for an easy way into the financial system and often that  entrance sits with real estate companies or luxury goods dealers, not with traditional banks.

It’s therefore a good sign that both in the US and in Australia new laws and regulations are on the way… fighting financial crime needs to happen across all entry points, all financial institutions and all businesses that accept money from people they don’t know well enough… KYC, knowing your customer is still key in all aspects of business.