Are UK banks failing in the fight against money laundering?

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Banks have spent millions and millions on compliance, but I think we have seen from enforcement action that there are a lot of banks still getting the very basics wrong,” says Kathryn Westmore, economic crime specialist and senior research fellow at the Centre for Financial Crime and Security, Royal United Services Institute (RUSI). “Investment in fancy technology, for example, doesn’t help if you don’t have robust procedures and policies.”