3 ms·
> Unfortunately, I do not know of a better solution than "match transaction data on this list of regexes" that would scale for the millions of daily payments th
by miracle2k 4y ago
> Unfortunately, I do not know of a better solution than "match transaction data on this list of regexes" that would scale for the millions of daily payments that banks are processing.
I think it would be reasonable to ask you, and other supporters of this, to provide emperical data of the positive law-enforcement impact that grepping transactions for "ALEP" has had, so we can weight it against the human cost (capital and time spent across all sides, including legal departments in financial institutions, Google Docs written, impact on affected customers).
Because the default assumption of a normal person is, of course, that this is ridiculous.
- leokennis 4y agoOne data point I can provide is: $900,000,000.00 — which is the cost for a bank for NOT doing this. https://www.reuters.com/article/us-ing-groep-settlement-money-laundering-idUSKCN1LK0PE https://www.reuters.com/article/us-ing-groep-settlement-mone...
- from 4y agoIn the case of BNP Paribas, 10 times that.
- miracle2k 4y ago> One data point I can provide is: $900,000,000.00 — which is the cost for a bank for NOT doing this. (It's not at all clear that this fine is due to a lack of regexes.) If the argument is "banks have to do this because of non-sensical and unjust regulations" - fine, that's one for the lawyers and maybe risk managers. I understood your position as defending the regulations itself.