By Elizabeth Hearst for AMLi
The Director of the Centre for Financial Crime & Security Studies at the Royal United Services Institute (RUSI) has admitted he “feels sorry for the banks”, and argued that the current outsourcing job of fighting financial crime is a “losing formula”.
Tom Keatinge said that “today, banks are deluged in billions of transactions each month”, adding that impersonal customer relationships and shell companies in foreign locations “seemed to lead banks to feel that meeting their regulatory requirements to help keep the financial system clean wasn’t worth the effort”.
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