Anti Money Laundering is a term used for preventing financial crime and counter terrorism financing. Today banks are failing in two aspects of their business. One they are unable to prevent money laundering, creating huge costs to society with illegal money and two they are unable to run their business effectively with huge regulatory costs. Today for any illegal activity such as terrorism financing or even for the systematic corruption by big corporates and politicians money laundering plays a big role.
The solution I propose is very simple but extremely effective in terms of countering money laundering. It is just a combination and right use of technologies that make it effective. While I have tried to raise money through various contacts, I have found skepticism in terms of the solution being accepted by banks.
However it is very easy to see why banks need it for their own interest. Citi and Standard Chartered have paid over USD 250 million is just last two years for not meeting AML standards. Willful or not this is an extremely expensive proposition to all banks as financial regulation will further tighten with increased tensions in the world.
I am looking to hire a two developers to assist me building the platform, as else it would take much more time. Once a satisfactory phase 1 platform is in place, I would pilot it with banks through my contacts and take it forward to a holistic AML system.