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As AML Duties Grow, Banks Still Find Data Unwieldy
By Irene Madongo
printThe global banking sector has yet to adequately make use of the anti-money laundering data it collects from clients and transactions, experts at a summit in the United Kingdom said Thursday. The sheer scope and complexity of the compliance-related data that banks are charged with managing makes confirming such information "a problem," said Neil Jeans, a principal consultant with AML Master and the former head of National Australia Bank Limited's financial crime group. Jeans discussed the issue at the 32nd International Symposium on Economic Crime at Cambridge University. "Banks are banks," said Jeans. "They are not data companies. They are...
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