In his blog, Enda Shirley explores what will happen next to the banking industry after the FinCEN files controversy
The FinCEN leaks shocked the world when they were revealed by global media at the end of September. It’s led to plenty of bank-bashing over how wrongdoing on such a large scale could have gone on for so long, with few repercussions for the individuals concerned. However a more appropriate response would be: is the AML compliance regime itself fit-for-purpose, given the major operational inefficiencies highlighted by the leaks? In this context, is there now a greater need for financial crime detection to go beyond just compliance?
Meet our expert
Enda Shirley - KYC/CDD Product Manager (CAMS), ACAMS KYC Certificate
Enda is an anti-money laundering specialist, with over 10 years’ experience supporting financial services institutions.Find out more