An estimated 2.5 percent of world GDP is laundered money, while the National Crime Agency believes that £150 billion ($195 billion) is laundered each year in the UK alone.
In the past decade worldwide, fines totalling a staggering $26 billion have been imposed for non-compliance with anti-money laundering (AML) regulations and sanctions violations, including on 18 of Europe’s 20 largest banks. So it’s no surprise that battling financial crime with the right tools and technologies is top of banks’ agenda.
The RegTech for AML Forum is an executive-level event, focused on encouraging peer-to-peer discussion. Each session at the forum benchmarks best practice, explores why banks struggle with financial crime, and discusses what’s needed to force a step change in the industry – reducing exposure to money laundering itself, preventing the funding of criminal activity and avoiding financial penalties.
Where are banks failing on AML and financial crime and why? What are the capabilities and limitations of technology? How can software innovation help tackle operational and compliance challenges? Answer these and other key questions at the next RegTech for AML Forum.