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How information sharing can help to prevent financial crime.

If the EU and its 28 member states, soon 27, wants to prevent financial crime, we need
a consistent legal framework across all countries. Money travels fast between EU countries, certainly in the Euro market with almost no borders. Criminal networks are very well aware of the weaknesses of our current AML/CFT framework.
The protection and discretion of financial data is implemented in the DNA of a banker and privacy is a fundamental right in Europe, but if we could share ‘the risk based’ financial information amongst banks and governments, some of the scandals wouldn’t have happened. The inability to share relevant data between a cross-border bank is an important finding, and also the incapability to share information between different stakeholders within the same bank, gives financial crime the opportunity to find the weakest spot. The biggest missing link is the exchange between financial institutions, they hold the financial information, and the governments, they have the crime intelligence.

GDPR versus AML/CFT

It is generally known that criminal organisations are operating in the opaque. The exchange of essential financial and KYC-data could bring more transparency. An intelligently built platform, that can be customized to each local legislation, can enhance this information exchange, giving access only on a ‘need to know’ basis and respecting the privacy of its client’s data. Harmoney has built such a platform. Let technology do the work!