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Have European countries failed to address financial crime up until now? The answer is YES, according to Dana Reizniece-Ozola, finance minister of Latvia.

The minister’s comments, and his stance that time has come to take action and change the status quo, follow a series of scandals over money laundering and financial crime involving the Latvian ABLV, the Danish Danske Bank and the Dutch ING. He believes these cases have “opened a Pandora’s box” and asked banks do to more to prevent such situations.

“The game cannot be won only by one side playing, only by the government playing. The private sector, namely banks themselves have to participate and demonstrate a strong dedication,” Reizniece-Ozola told CNBC.

As more and more financial institutions begin to refocus their approach to anti-money laundering compliance at every level of their organisation, technology and automation will play a fundamental role in helping them adapt to the new international environment. At Know Your Customer, we specialise in providing end-to-end compliance solutions to facilitate organisations on their digital AML and KYC journey. Find out more.

Last updated on April 23rd, 2023 at 07:33 pm

Claus Christensen

Claus Christensen is the CEO & Co-Founder of Know Your Customer. His vast array of previous experiences includes founding a technology company that develops email server infrastructure products for 60,000+ global customers and serving as VP Electronics at Thielert Aircraft Engines. A regular contributor to leading industry publications and a recognised expert in the anti-money laundering and financial regulation space, Claus is also the host of the RegTalks podcast and a senior lecturer of the Centre for Finance, Technology and Entrepreneurship (CFTE)’s RegTech Course.