Rupert de Ruig of Dow Jones tells FST that strong anti money laundering practices are the best way for financial institutions to avoid more regulation.
Anti-money laundering (AML) & Counter-Terrorism Financing (CTF) screening – the systematic checking of client identity details against a commercial database of names to identify risk is a simple enough task in theory.
As technologies become more advanced, mobile banking services are becoming increasingly critical to the financial services industry. But the question now facing industry professionals is whether mobile banking is simply the sector's latest fad, or if it can truly prove itself as a sustainable method of banking.
The concept of "Good Bank Bad Bank" goes back all the way to the days of the Great Depression. As bank after bank began to fail in the wake of the stock market crash of 1929, the US government acquired failing banks' devalued assets, allowing the still viable part of the bank to go forward with those of its assets which still retained their value, and with fresh funds.
The Swiss bank UBS AG has been fined US$13.3 million (8.9 million euros) this week after management failures allowed employees to make unauthorized trades with customers' accounts. This has given rise to concerns that the days of Swiss bank accounts being tax safe havens are well and truly over.