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When can we open a bank account again?

The world is changing. Moreover, the fight against crime and money laundering is rampant. The governments (European and national) try to get this under control with regulations, but the actions of the governments have some unwanted consequences.

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The call for a new approach of Transaction Monitoring is fierce. But actually, the new approach is already there.

Everyone agrees: the current way of Transaction Monitoring is no longer tenable. For many reasons (read ‘the five main pain points’). And some articles outline a future solution, for example for the opening of the blind spots and on the other hand counteracting the ‘false positives that come over and over again’. As an interesting article of Deloitte Luxembourg states: “Even if we are not there yet (…) the aim is to bring a more data-driven approach together with artificial intelligence and machine learning to deliver actionable insights and to create much less noise than the usual approach.” The good thing: we don’t have to wait for the new solution, it’s already there: CW360.

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A large majority of accountants consider money laundering a major problem, but they themselves do not have the Wwft in order.

The Money Laundering and Terrorist Financing (Prevention) Act (Wwft) has been a hot topic among accountants, administration and tax offices for some time now. But no matter how “hot” it may be, for many of them it remains a bit unclear, inscrutable, even vague: “What exactly is expected of us?” That does not feel good. Reason for us to put five questions to 466 accountants: about how they see the seriousness and necessity of the Wwft, and what that means for their practice.

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