Imagine you had to verify your social media profiles in order to get a bank account. This is what the world's biggest banks are proposing in order to combat the complete ineffectiveness of their own AML programs as found in a statement by the AML/CFT consortium Wolfsberg Group.
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The Rage
Banks Find AML "Ineffective", Propose Access To Social Media
The world's biggest banks find monitoring for suspicious activity "ineffective". In a "True Risk-Based Approach", the group now proposes access to ...
