Technology to fight money laundering

Debbie Ward and Mark Prentice, of Ernst & Young’s Fraud Investigation Group in London consider the use of technological solutions in the fight against money laundering

Introduction

Everybody knows that money laundering is now high on the agenda of the Financial Services Authority. The “financial crime objective” means that it is committed to “reduce the extent to which is it possible for a business carried on … by a regulated person … to be used for a purpose connected with financial crime.”