Responding to the FinCEN files revelations, John Dobson CEO at AML experts SmartSearch said: “This is nothing short of a betrayal for all those thousands of businesses doing their bit in the global fight against money laundering and financial fraud.
“We speak to customers in the UK and the US day-in, day-out, who are all working hard to make sure they have the best tools and technology available to prevent money laundering, and to be compliant with the law. While at the same time, if these documents can be believed, one of the world’s biggest banks has effectively turned a blind eye and enabled criminals to take full advantage.
“These revelations couldn’t have come at a worse time of course, with so many businesses reeling from the ongoing affects of the Covid 19 pandemic, and the extra security threats that has created. Events like these are hugely damaging for the banks involved but also for all the other banks who are trying to stamp out money laundering, and it cannot go unpunished.
“Over the years SmartSearch has developed more and more enhanced levels of security for its customers in a bid to stay ahead of the criminals. Never for a moment did we consider we’d have to stay one step ahead of the institutions we thought we were trying to protect.”