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Why banks axing clients won’t stop the scourge of financial crime

Banks and regulators need to get on the same page about stopping financial crime

Friday 14 January 2022 at 05:01

De-risking is used by banks to manage potential financial crime risks they are exposed to, but it's no panacea to beat money laundering
De-risking is used by banks to manage potential financial crime risks they are exposed to, but it's no panacea to beat money laundering Photo: Getty Images

Max Heywood is head of public sector at Elucidate, a financial crime risk-scoring platform

Authorities are increasingly focusing on the challenge of de-risking. The most recent contribution came from the European Banking Authority, which published a paper on financial crime de-risking on 5 January.