Despite heavy regulations, the fintech industry still sees high rates of financial crime. According to research from United Nations, the estimated amount of money laundered globally each year is 2-5% of global GDP. This is an equivalent of $800 billion to $2 trillion in US dollars.

In 2020, the amount of money collected in fines against financial institutions hit $10.4 billion. So while there has been a big crackdown on it, financial crime remains a significant, costly problem to tackle.

With more fintech companies building financial products, anti-money laundering efforts are more important than ever.

In this episode of Disruption Talks, Daniel Thomason, Financial Crime Prevention Product Manager at Wise, explains more about his job role and how it ties into anti-money laundering efforts at Wise. Daniel works on the KYC (Know Your Customer) and AML side of things, which is all about detecting, analyzing, and investigating potential instances of money laundering.

#disruption360 #disruptiontalks #fintech

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