Keep the dirty money dirty

VIDEO | As cash notes and coins get obsolete, corporations and financial institutions are becoming increasingly important as money-washing machines for criminals. Speaking at Treasury 360° Helsinki, system provider Avallone’s Anders Meinert Jørgensen gave an overview of the know-your-customer challenges and the way his company tries to approach the headaches. 

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Waiting for an agreed payment while the account is taking weeks or months to be set up … due to the know-your-customer check-up. This is just one of the hassles related to increasing transparency efforts involving banks and their clients, including corporates, of course.



On one level, corporates need to understand that efforts are motivated by the nature and gigantic volume of underlying crime that needs to be stopped. And solving it is complex. Sometimes the problem is where the money comes from (trafficking), other times where it is going (terrorism) or where it doesn’t go (tax evation). But on the other hand, a lot of coordination, standardisation and technical efficiency could be improved throughout the KYC processes.

Anders Meinert Jørgensen proposes that corporations should see their KYC data as their own, rather then as property of their banks. So if a second bank asks for the same information, it should just need to be shared, not reproduced.

• News from the 16 November Treasury 360° Helsinki 2021 conference is gathered here.
• Find the agenda and sponsors here.
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