Sunday September 20, 2020

Irish banks don't understand money-laundering danger

Irish banks do not understand the money-laundering risk posed by new customers as well as other banks across the world, according to KPMG's global anti-money-laundering report, published last week.

25th December, 2004

Irish banks do not understand the money-laundering risk posed by new customers as well as other banks across the world, according to KPMG's global anti-money-laundering report, published last week.

The report surveyed anti-money-laundering measures taken by banks in western Europe, North America, Latin America, Russia, Africa, the Middle East and the Asia-Pacific region.

It found that western Europe had almost the lowest proportion of banks with strict know-your-customer (KYC) requirements for new customers. Only 78...

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