In the struggle against money laundering, banks are on the defensive. Tough laws have forced firms to develop elaborate procedures to detect prohibited transactions. But when these systems fail – as they often do – lenders leave themselves open to crippling financial penalties. US banks faced fines for anti-money laundering breaches of $1.37 billion in 2018, with those in Europe not far behind at $979 million, anonymous industry loss data from ORX shows.
As banks look to develop more advanced