Writer: Simon Moss

Today’s money laundering problem is bigger than we think

Most public comments and reporting following the FinCen leaks focused on whether the government will crack down on banks over money-laundering. But blaming banks misses a bigger point. Do our systems actually permanently put us in a position of playing catch up? Is the way we do automation today deeply flawed? I think it is. Automation actually needs machine learning or it can make problems it’s meant to fix worse. And maybe it’s more than most banks can take on at the same time after all. [Continue]

More ways businesses may regret getting stimulus loans

It the bank knows a business personally, the face time will be worth it. Digital applications will, this time, take longer. Banks with strong community relationships should have an advantage. It sounds old fashioned, but a face-to-face meeting is often the key to giving pause fraudulent applications. [Continue]