Today, Dave was presenting at ComplyAdvantage’s Conference at The British Library where he gave a keynote on why and how financial crime should be tackled differently:

“Let The Wrong One In”

A study by financial-crime expert Ronald Pol concluded that the global AML system could be “[the world’s least effective policy experiment]” and that compliance costs for banks and other businesses could be more than 100 times higher than the amount of laundered loot seized. Rob Wainwright, when Director of Europol, said “professional money launderers are running billions of illegal drug and other criminal profits through the banking system with a 99 percent success rate”. Surely it’s time for a rethink, starting with the fact that we now live in a world of data science, machine learning and artificial intelligence (AI). This line of data-centric thinking can be more disruptive than might seem at first glance because it suggests an alternative vision of regulation where we do away with a lot of the expensive barriers to entry to the financial system, those speed bumps for criminals but cut de sacs for legitimate users, and instead use networks to police the ecosystem. 

Categories: Events


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