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Such collaboration among banks has only recently become possible thanks to technology allowing institutions to share algorithms but keep data private.

From Money Mules in Sheep’s Clothing – WSJ.

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Money-mule schemes are also becoming less detectable, because of the diversification of labor in how stolen money is moved through payment systems and banks. Data-privacy rules make it difficult to trace money once it has left one bank for another, and no single financial institution can see an entire end-to-end payment as it flows through the banking network.

What can be done? Financial institutions must use artificial-intelligence and machine-learning technology to analyze publicly available information that their typical screening tools don’t search. This will enable better identity verification and should help banks spot account holders with histories of fraudulent activities.

From Money Mules in Sheep’s Clothing – WSJ.

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However, these findings appear consistent with other possibilities, for example, that “banks are a much easier target for regulators” (Pol 2019c) than criminals. If authorities recover around $3 billion per annum from criminals, whilst imposing compliance costs of $300 billion and penalizing businesses another $8 billion a year, it is reasonable to ask if the real target of anti-money laundering laws is legitimate enterprises rather than criminal enterprises.

It is reasonable also to ask whether ordinary citizens are harmed more than banks and criminals, at least financially, by laws ostensibly aimed at financial crime. After all, banks typically pass their costs on to shareholders and customers – in lower dividends, higher fees, lower interest rates for savers, and higher rates for borrowers. Moreover, taxpayers pay the costs of government, including scores of international agencies involved in the anti-money laundering agenda, and up to several dozen government agencies in each of 205 countries and jurisdictions. Individuals, communities, economies, and society also suffer the economic and social harms from serious crime.

From Full article: Anti-money laundering: The world’s least effective policy experiment? Together, we can fix it:

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the current anti-money laundering policy prescription helps authorities intercept about $3 billion of an estimated $3 trillion in criminal funds generated annually (0.1 percent success rate), and costs banks and other businesses more than $300 billion in compliance costs, more than a hundred times the amounts recovered from criminals.

From Full article: Anti-money laundering: The world’s least effective policy experiment? Together, we can fix it:

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the current anti-money laundering policy prescription helps authorities intercept about $3 billion of an estimated $3 trillion in criminal funds generated annually (0.1 percent success rate), and costs banks and other businesses more than $300 billion in compliance costs, more than a hundred times the amounts recovered from criminals.

From Full article: Anti-money laundering: The world’s least effective policy experiment? Together, we can fix it:

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A worldwide policy paradigm enforcing complex anti-money laundering laws gives the comfort of activity and feeling of security but does not make us safe from crime. Letting criminal enterprises retain up to 99.95 percent of criminal proceeds, the modern anti-money laundering experiment unwittingly enables, protects and supports terrorists, drug, human, arms and wildlife traffickers, sex and labor exploiters, and corrupt officials, fraudsters and tax evaders on a global scale.

From Full article: Anti-money laundering: The world’s least effective policy experiment? Together, we can fix it:

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Emirates and Etihad have both announced partnerships with the International Air Transport Association (IATA) to trial the IATA Travel Pass – a mobile app that helps passengers manage their travel and conform with relevant government requirements for COVID-19 testing or vaccine information.

Prior to a full roll out, Emirates will implement phase 1 in Dubai for the validation of COVID-19 PCR tests before departure. In this initial phase, expected to begin in April, Emirates customers travelling from Dubai will be able to share their COVID-19 test status directly with the airline even before reaching the airport through the app, which will then auto-populate the details on the check-in system.

From Emirates and Etihad among first airlines to trial IATA Travel Pass.

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The 100 Most Influential People in FinTech

From FinTech Experts:

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Despite its disclaimers and limitations, Faces of the Riot represents the serious privacy dangers of pervasive facial recognition technology, says Evan Greer, the campaign director for digital civil liberties nonprofit Fight for the Future. “Whether it’s used by an individual or by the government, this technology has profound implications for human rights and freedom of expression,”

From This Site Published Every Face From Parler’s Capitol Riot Videos | WIRED:

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Faces of the Riot used open source software to detect, extract, and deduplicate every face from the 827 videos taken from the insurrection on January 6.

From This Site Published Every Face From Parler’s Capitol Riot Videos | WIRED:

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