Riggs to Epstein: invisible, unfixed AML risks in private banking

The Epstein affair is resonating loudly Stateside and in the UK just now, partly for political reasons but also as it rehearses the too often selective, if not wilful, blindness practised by banks in their dealings with high-value clients. Mikhail Karataev examines warped incentives and spotlights flaws in AML compliance monitoring design and execution.

Mikhail Karataev (karataevnew@gmail.com) is an independent AML professional, based in Florida, USA.

The Epstein affair is resonating loudly Stateside and in the UK just now, partly for political reasons but also as it rehearses the too often selective, if not wilful, blindness practised by banks in their dealings with high-value clients. Mikhail Karataev examines warped incentives and spotlights flaws in AML compliance monitoring design and execution.