Banks start using information-sharing tools to detect financial crime

FILE PHOTO: The head office of ABN AMRO bank is seen in Amsterdam March 20, 2007. REUTERS/Robin van Lonkhuijsen/File Photo (REUTERS) — FILE PHOTO: The head office of ABN AMRO bank is seen in Amsterdam March 20, 2007. REUTERS/Robin van Lonkhuijsen/File Photo (REUTERS)

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5 min read . Updated: 25 Jul 2022, 06:00 PM IST Dylan Tokar, The Wall Street Journal

Technology can help banks team up to find money launderers, but the legal basis for information-sharing is murky in many countries

Banks have long struggled to spot illicit transactions among the multitudes they process daily because criminals move dirty money from one institution to another to cover their tracks, leaving compliance staff with only a partial road map of their actions.

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