<b>Banks step up fight against money launderers</b>

January 01, 1999

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Headline: Banks step up fight against money launderers Source: Euromoney Date: January 2002 Author: Julie Dalla-Costa Financial Security         David Leppan Banks are turning to technology more in their efforts to counteract financial crime. Financial institutions have recognized the need for more sophisticated and alternative measures such as software and databases that review banks’ clients and allow advanced analysis of the movement of funds. Financial institutions are increasingly interested in using these against money laundering and terrorist funding, for example. Such products are being used in attempts to strengthen existing internal systems but they are not all-encompassing. Paul Doxey of consultancy Andersen, says: “There has been speculation around the world as to what banks should do to protect themselves against money laundering and other financial crimes. There’s all sorts of new technology being promoted for helping with this. It’s very much a new and growing market.” In the current, inflated anti-terrorism environment “know your customer” is the catch phrase, whereby banks are encouraged to have more in-depth knowledge about their customers and an understanding of their dealings. “What some companies are now doing is providing extended procedures that go beyond what many banks were originally doing,” says Doxey.

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Banking