Ep108: Concerns over the FinCen Files are focusing in the wrong direction

Yaron Hazan, VP, Regulatory Affairs, ThetaRay

The media reaction to the recent leak of the so-called FinCen Files predictably painted banks in a negative light. However, the bottom line is that almost no bank in the world has the visibility needed to monitor cross-border correspondent banking transactions through the entire transaction chain. Yaron Hazan of ThetaRay in conversation with Robin Amlot of IBS Intelligence explains that the current AML system is set up for failure with banks pushed to overreport.