3 ms·
>Absolutely scary amounts of the information associated with private wealth management is still paper-based. Can confirm. I was an AML Officer for a pretty su
by elliekelly 8y ago
>Absolutely scary amounts of the information associated with private wealth management is still paper-based.
Can confirm. I was an AML Officer for a pretty substantial bank that focused on private wealth management. The lack of technology would truly horrify most HN readers.
For example, the height of our technology was our "intranet" - a shared excel file with hyperlinks to other files on the shared drive.
- onetimemanytime 8y agoA feature, not a bug: If you want to cheat the state, technology is your worst enemy. Paper trail too
- elliekelly 8y agoYou know that's very true. If you can't present a file because it's "lost" (which happened not infrequently) the regulators don't know whether you've done your due diligence or not and you get a slap on the wrist for deficient paperwork. On the other hand, if your files demonstrate inadequate due diligence you're in for quite a bit of trouble.