“By not identifying a solution, the government continues to run the risk of managing a bad system, and continues to raise the risk that criminals will take advantage of the poor lack of controls and checks.”
“The UK government loan schemes may provide an opportunity for money launderers to funnel their cash into the banking system through loan repayments.”
“Those firms who have embraced new technology prior to the crisis now find themselves in an advantageous position in that it is business as usual.”
“Our experience is that many banks and financial institutions are using outdated methods and legacy software, both in the UK and wider world.”
Note: In the podcast we are quoted at 3:00 - 4:09, then 7:09 - 7:43, again at 21:53 - 22:31, and finally at 23:06 - 27:45.
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