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Poor Communication Prevents Banks from Understanding Financial Crime Risks: Report

By Koos Couvée

Fewer than one of every 10 banks in Hong Kong, Singapore and Argentina obtain enough intelligence from law enforcement to understand and counter the most serious threats of financial crime in their jurisdictions, an independent think tank said. In a 64-page report published Tuesday, the London-based Royal United Services Institute, or RUSI, said the majority of senior financial-crime officers at national and international banks lacked adequate intelligence flows from law enforcement to inform their transaction-monitoring, suspicious-activity reporting and risk-based decisions. Many banks surveyed by RUSI complained of "working in the dark" because public authorities had given them "little useful or...

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