How money laundering episodes catalyze the battle against financial crime

Deutsche Bank’s Mathew Kathayanat and Jie Yi Lee say that the implementation of digital identity management systems will help banks to get a handle on their AML/CTF monitoring needs.

Money laundering currently ranks as one of the world’s most prolific activities, with an astonishing $2 trillion laundered annually—yet, a staggering 99% of these illicit transactions go undetected. In recent years, numerous high-profile cases have been uncovered in Australia, Malaysia, and most recently, Singapore. 

Given that these locations are considered financial hubs, these revelations sparked questions as to how their reputations would be impacted. The very fact that the fraudulent

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