The pandemic is surging and, partly because of the coronavirus epidemic, so is the cost of monitoring and reporting financial crime. The graphs and spreadsheets that financial services professionals pore over are bringing the disturbing news. And as one veteran observer of the securities industry puts it, Wall Street doesn’t like what it sees. Just… Read More >>
AML Costs Hit $14.3M Per Large U.S. Firm
Complying with anti-money laundering (AML) regulations costs financial services firms based in the United States and Canada more than $31.5 billion per year. That is the conclusion drawn by a recent report from LexisNexis Risk Solutions. The report, entitled “The True Cost of Anti-Money Laundering Compliance in the United States and Canada,” is derived from… Read More >>
SWIFT & Microsoft Collaborate to Bring Payments to Azure
SWIFT and Microsoft Join Forces for a POC Software giant Microsoft and financial messaging cooperative SWIFT are taking a major step forward in making Microsoft’s Azure cloud computing service the host for native payments, officials announced at SWIFT’s SIBOS conference underway this week in Sydney, Australia. The two companies acknowledged that they have been working… Read More >>
U.S. Securities Industry Spends $25B on AML Compliance
A few weeks back I focused on the fines and penalties that firms paid to government authorities for violating anti-money laundering (AML) restrictions, know your customer (KYC) requirements, and economic sanctions. This time, however, I am focusing upon the money that the securities industry spends to be AML compliant, which as it turns out, is… Read More >>
