Organised Crime vs. Disorganised Compliance
One widely quoted estimate by the International Monetary Fund places the aggregate size of money laundering in the world at between two and five percent of global GDP. And while the illicit nature of money laundering means no precise statistics are available, it is fair to say that bad actors have traditionally had the upper hand. But why is this?
This paper explores some of the competing priorities and developments that have caused banks to play catch up, and whether the tide is now turning with the advent of collaboration and technology.