THE UNIQUE AML/CFT DISADVANTAGES OF EU COMPLIANCE OFFICERS; ARE THERE PRACTICAL SOLUTIONS?

I spent some time this weekend with my old mate from World-Check, ROB MITCHELL, of XAPIEN. We jointly lamented the difficult situation facing compliance officers, whose misfortune, for AML purposes, is to work in the European Union, where existing laws favor the money launderer. Whether its the issues about personal information, privacy, the Right to Forget old crimes, or other rules and regulations that allow enterprising laundrymen to get over on compliance officers, I do not envy those brave souls. They are working with one hand tied behind their backs.

I did want to contribute one bright spot, through; Rob detailed for me a number of workarounds that he does to compensate for existing EU legislation, not to violate the laws, but to still get the necessary information. Space will not allow me to cover them all here in depth, so anyone whose curiosity is aroused might want to find Rob here on Linkedin, to learn about them. I am not affiliated with Xapien, but if you are still coming up short with your AML queries, you might want to reach out to him. He's got some pretty good AML/CFT moves; They impressed this old reformed money launderer.