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Go Back to KYC Basics to Stop Terrorist Financing, Says FBI Agent
printThe terrorist attacks of September 11, 2001 hit home one lesson for bank compliance officers: you can't depend on the bad guys to break the rules. Al-Qaida operatives were not only aware of U.S. banking regulations, but carefully complied with the rules so as to appear no different than other legitimate customer. Given that, banks faced with the difficult task of discerning the suspicious from the ordinary will do best by returning to their know your customer procedures, according to Greg Ruppert, a legal attaché for the Federal Bureau of Investigation in Berlin. If a financial institution can't clearly answer...
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