WHO'LL STOP THE RAIN?

The absence of a response to my article entitled Teaching Tradecraft and Employing AI can Take a Bite out of Money Laundering Crime is telling. Bank leadership, seeking to satisfy their shareholders' wishes for dividends, encourages putting income stream ahead of the requirements of a risk-based compliance program. Instead of equipping their compliance officers with the tools they need to stop money laundering, Tradecraft training and movement to advanced Artificial Intelligence platforms, they withhold funding for compliance, and accept regulatory fines, while raking in lucrative profits.

Many senior executives candidly admit that they will willingly pay the civil fines & penalties, as the costs are far exceeded by profits. Meanwhile, the money launderers thrive; I know this from personal experience.

Unless and until there is a sea change, with directions coming from the executive boardroom, funding training that actually works, we will continue to see that 95% of the money laundering that transits the world's banks is successful, and narcotics traffickers, arms dealers, human traffickers, fraudsters and the Usual Suspects get richer and richer. Who'll stop the rain?