We cannot fight cross-border money laundering with local tools

7

September 9 2018

Money laundering is never far from the headlines. Last week ING in the Netherlands and the Danish Group Danske Bank were the lenders who found themselves in the spotlight. The former has agreed to pay €775m in fines for compliance failures that allowed the alleged laundering of hundreds of millions of euros; the latter reportedly handled $30bn in a single year through its small branch in Estonia without raising any questions, adding to existing concerns about the anti-money laundering, or AML, controls at the bank.