Next generation anti-money laundering
Ideas and solutions from leading market experts in AML and financial crime prevention
Panel debate for Arendalsuka
Leading Nordic experts discuss how we can work together to improve AML efforts.
The hidden economy: How can we combat this growing threat more efficiently?
At this year's Arendalsuka, TietoEVRY facilitated several debates around sustainable application of new technologies. An important part of our mission as a company is to drive positive change and take and active role in developing new services to the benefit of society. In the Nordics, TietoEVRY is a leading provider of financial crime prevention solutions and we have invited some of the most prominent experts in the field to discuss how AML efforts can be improved. Find the recording here!
Helping society through AML
How can we improve AML efforts to the benefit of society?
Between 2-5 percent of the world's GDP is estimated to be laundered each year. This constitutes immense sums that are not only lost from taxation and public benefit, but this dark economy also fuels criminal networks and new illegal activities.
Of the hundreds of billions $US that are laundered each year, some estimates suggest that only 0,2 percent end up being stopped at some stage in the value chain, by banks or government.
At the same time, banks are spending ever increasing resources on complying with anti-money laundering (AML) regulations. Some estimates that per dollar spent on trying to prevent money laundering below one cent is actually seized from criminals.
Though the inefficiency of AML efforts has been recognised by regulators and service providers, and new regulations have been strictly enforced (There has been a significant increase in number and value of AML-based fines imposed on banks in recent years), little has changed in terms of performance.
As a leading AML solution provider, TietoEVRY want to facilitate and drive the search for more efficient ways to prevent financial crime and deliver more value to society.