Banks often find themselves at the centre of criticism in the anti-money laundering debate. Yet, it’s essential to see the broader picture:
🔍 Media and Sensationalism: We live in an era dominated by headlines and sensational news. A scandal in a well-known bank is more likely to make the news than a complex issue at the regulatory level. But we must ask ourselves: Is this the full story?
🏛 State Responsibility: While banks play a pivotal role in identifying and reporting suspicious activities, the state also carries significant responsibility. It needs to establish effective laws, monitor compliance, and penalise breaches. Coordinated effort is key here.
👁 Public Perception: Banks are visible and often the first to be scrutinised in anti-money laundering matters. It’s vital to acknowledge their role, but equally important to understand that combating money laundering is a collective endeavour involving multiple stakeholders.
I’d like to take this opportunity to debunk a myth. Contrary to some market commentary, independent wealth managers are bound by the same AML regulations as banks. This is reinforced through regular training sessions paired with corresponding tests conducted throughout the year.
Source: LinkedIn
