Australia Considers Utility Model for AML/KYC

A centralized utility for AML/KYC data could help financial institutions and regulators monitor fraudulent activities.


While regulators and law enforcement officials around the world have found it difficult to convict individuals because of fraud stemming from the global financial crisis, they have been busy doling out some eye-watering fines relating to anti-money-laundering (AML) and know-your-customer (KYC) infractions.

Over the last 18 months, Taiwan’s Mega Bank was hit with a $180 million fine for such offenses, an unnamed Canadian bank was fined $1.1 million, Barclays Bank settled for a massive $2.4

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