Challenges in Transaction Monitoring for UK and European Banks
Although anti-money laundering measures have been significantly improved for UK and European Banks there are still many issues, according to the regulator. One of the biggest of these is the failure to collect Know Your Customer (KYC) data, such as income and information about occupation. This lack of up-front due diligence is creating shaky foundations in the ongoing battle against money laundering and challenges in transaction monitoring. Also problematic is the fact that many UK and European banks still opt...
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