Post-HSBC, Banks Rethink Anti-Laundering Tech

The recent HSBC (HBC) money laundering case, in which the U.S. Senate says the bank failed to prevent billions of dollars’ worth of money transfers linked to drug cartels and terrorist groups, has heightened awareness of money laundering controls, particularly where banks have relationships with third parties in local countries to help execute mobile money transactions or remittances. Celent says spending on operations and technology related to anti-money laundering compliance will reach $5.8 billion in 2013-including $1.4 billion in internal and external spending globally.