Look to ‘Sales Side’ Prosecutions for Real AML Change: Ex-U.S. Investigator
18 Mar 2019

Recent headlines pointing to suspected money laundering networks and tax fraud schemes operating within European banks should startle compliance professionals, according to KYC360.com contributor and bestselling author Robert Mazur.

While the ongoing investigations of Danske Bank, Swedbank, UBS and other institutions echo similar financial crime scandals of the past decade, the most recent disclosures reflect the fact that criminal exploitation of banks has again become “business as usual” despite compliance efforts, Mazur wrote in an article published Thursday by American Banker.

“The reality is that law enforcement has failed to assume the role it needs to fill to prevent big banks from distracting our attention from the real ‘ground zero,’” Mazur said. “The true front line in preventing money laundering is not a rigorous compliance program; it’s on the sales side.”

To truly fight money laundering, governments must require their law enforcement agencies to prosecute complicit bankers, businessmen and attorneys, with the aim of putting them behind bars for as long as their criminal clients would serve in prison, according to Mazur, who as a U.S. federal agent spent five years undercover investigating Colombian drug cartels’ money laundering networks.

Read the full article here

Robert Mazur is president of KYC Solutions, Inc. and The New York Times bestselling author of ‘The Infiltrator,” a memoir of his life undercover as a money launderer.

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