AML has no intelligence and no strategy

Martin Woods(martin@amlwoods.com) is Managing Director of AML Woods (www.amlwoods.com).

On 21 November, in a Financial Times article [1], Johan Torgeby, the CEO of SEB Bank, bemoaned the billions of dollars currently wasted on anti-money laundering (AML), in Europe and the UK. It is difficult, writes Martin Woods, to think of another industry where vast sums are spent and abject failure tolerated.