Validation: The Pièce de Résistance of Anti-money Laundering

Even the best kitchen in the world—equipped with a brick oven, top-of-the-line equipment, and the sharpest knives—can’t turn a bad cook into a great one (even though it could help). The substandard cook still needs to learn some critical cooking skills before the dream kitchen can produce the pièce de résistance. So it makes sense that even the best anti–money laundering (AML) monitoring system in the world—perfectly optimized with no expense spared for the most current technology and automation—can’t guarantee effective AML (even though it helps). [3/10/15]