Bitcoin on Nostr: Statement on Inefficiencies in Monitoring Suspicious Financial Activity The Wolfsberg ...
Statement on Inefficiencies in Monitoring Suspicious Financial Activity
The Wolfsberg Group has identified major inefficiencies in current models for monitoring suspicious financial activities, stating that despite increased volumes of Suspicious Activity Reports (SARs) and Suspicious Transaction Reports (STRs), there is no substantial improvement in detecting and reducing financial crime.
- The existing SAR/STR filing methods are deemed inefficient and ineffective, with no uniform framework to measure their effectiveness.
- Europol and other entities have similarly found that current AML/CFT frameworks fail to confiscate most criminal profits, highlighting a need for more effective measures.
https://www.therage.co/banks-aml-inefficient-access-to-social-media/
The Wolfsberg Group has identified major inefficiencies in current models for monitoring suspicious financial activities, stating that despite increased volumes of Suspicious Activity Reports (SARs) and Suspicious Transaction Reports (STRs), there is no substantial improvement in detecting and reducing financial crime.
- The existing SAR/STR filing methods are deemed inefficient and ineffective, with no uniform framework to measure their effectiveness.
- Europol and other entities have similarly found that current AML/CFT frameworks fail to confiscate most criminal profits, highlighting a need for more effective measures.
https://www.therage.co/banks-aml-inefficient-access-to-social-media/