Fixing Banks’ AML Achilles’ Heel — Before The Fraudsters Pounce
PYMNTS
JUNE 17, 2020
For Westpac, Taylor told Webster, the vulnerabilities had been tied to what Taylor termed “a single point of failure in the sense that they tried to circumvent SWIFT” by putting cheaper systems in place. That tactic — cutting corners and pennies — shows a glaring disconnect in risk management, according to Taylor.
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