Anti-Money Laundering Activities at Commercial Banks
In the previous article, we have already seen how commercial banks inadvertently help anti-social elements in laundering money. We have also seen why commercial banks are preferred by anti-social elements when it comes to laundering money. We know that commercial banks have already put in place a lot of processes to stop this money laundering activity. However, it can be said that the banks have had limited success with this endeavor. This is because of the several roadblocks and challenges that they are facing in the process.
In this article, we will have a closer look at the various anti-money laundering activities which are taking place at commercial banks in the present as well as how these activities are likely to change in the future as well.
Problems With Anti-Money Laundering
There anti-money laundering activities undertaken by commercial banks are not fully successful because there are several issues associated with it. Some of these issues have been listed below:
Future of Anti-Money Laundering
From the above points, it is quite clear that anti-money laundering activities need to be improved across the commercial banking system. The exact changes are likely to be high-tech and complicated. However, the changes are likely to follow these guidelines.
The bottom line is that commercial banks are not fully equipped to deal with money laundering as of today. In the future, they will have to spend considerable resources in order to build a better system that can detect and prevent money laundering.
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