Digital Banks Key To Fighting Dirty Money, NCA Says
Law360, London (November 13, 2019, 6:00 PM GMT) -- Fintech companies and mobile-based lenders challenging the traditional brick-and-mortar banking model play a crucial role in preventing money laundering but must adapt monitoring to follow how their customers bank, Britain's crime-fighting agency said Wednesday.
Emerging peer-to-peer lenders, cryptocurrency exchanges and financial institutions challenging traditional banks play a critical role in feeding law enforcement information on suspicious activity even if they don't hold a typical banking license, the National Crime Agency said.
In a new report, the NCA outlined how so-called challenger banks — companies that offer banking services but don't accept deposits — need to adapt how they disclose possible violations when they...
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