SBWire

Ever wonder what one person might accomplish in a world with so many problems and so many needs asking to be addressed? Is making a difference possible? Sadhvi Bhagawati Saraswati ("Sadhviji") will convince you you can not only make a difference-- you can make a BIG difference.

Artificial Intelligence (AI) has a lot to offer when it comes to anti-money laundering monitoring. This advanced technology has the potential to make AML measures even more effective and to enhance investments in anti-money laundering monitoring. That's why so many businesses are now planning to increase the volume of investment in AI for this purpose. In fact, one recent survey found that 57% have either deployed AI in anti-money laundering monitoring processes or are planning to do so in the near future. And a third of finance firms are accelerating their use of AI in order to make existing measures more effective. These are vital steps for any business in the finance industry to take, especially as the UN estimates that $2 trillion in tainted money is moved illegally on a global level every year.

The Financial Action Task Force (FATF) has emphasised how important it is for Netherlands banks to ensure that legal persons aren't being used for criminal interests going forward. The FATF released the latest Mutual Evaluation Report in August of this year with a focus on how more resources are necessary to help address the AML compliance risk of beneficial ownership. Beneficial ownership relates to those who own, control or benefit from specific bank accounts. Where information about who these natural people actually are isn't clear it creates a lot more room for money laundering activities to take place unchecked. Focusing on addressing the AML compliance risk of beneficial ownership is something that Netherlands banks will now have to make a priority as a result of the spotlight that has been placed on it thanks to the FATF and its latest report.

The goal of making it more difficult for criminals to tap into crypto for criminal purposes is attracting increasing attention on a global level. In the EU a new agreement has been reached that will extend the rules on information accompanying the transfer of funds so that this also includes crypto currencies. Anti-money laundering solutions, and the regulation behind them, must necessarily expand to include crypto currencies as this is, increasingly, where the largest vulnerabilities lie. The new EU "travel rule" is intended to ensure a much higher level of transparency when it comes to crypto assets than is currently the case. It will also give the EU a robust framework that it can use with respect to ensuring that it meets international requirements and standards on the exchange of crypto-assets.

Like many other countries, Germany has taken a large number of constructive steps to improve AML monitoring and general anti-money laundering solutions. However, the intergovernmental body the Financial Action Task Force (FATF), which defines international standards when it comes to financial crime, has said that the country should do more. Germany is the fourth largest economy in the world and the biggest in Europe, which naturally makes it a target for financial criminals. A recent report from FATF has highlighted how, even with the most recent measures implemented in Germany, this isn't enough for a country that has such a sizable economy and such broad influence. For example, Germany still doesn't have limits on cash transactions so large amounts of cash can still be smuggled over the border in cargo or mail.