Financial institutions should more thoroughly screen their employees, consultants and other third-party contractors for ties to organized crime, a senior Irish investigator warned Wednesday. Patrick Lordan, head of Ireland's National Economic Crime Bureau and the Irish financial intelligence unit, said in public remarks in Dublin that European law enforcement officials are increasingly concerned about the sheer number of individuals who abuse their access to mainstream financial services to help criminals launder funds. "It's the insider threat, the risk from within, and it's huge," Lordan told attendees of The Assembly Europe 2023 conference hosted by ACAMS. "It's not just your employees....
Michael McGrath of Ireland's Finance Department said at the ACAMS conference in Dublin on Tuesday, May 23, 2023, that the European Commission, Council and Parliament will soon adopt criteria for choosing where to locate the EU's new AML agency.
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