A critical analysis of discrimination in screening and monitoring transactions
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Both monitoring and sanction screening payment transactions by banks are activities that have a legal basis to carry out. The obligation to monitor transactions for unusualness is laid down in Article 2a of the Money Laundering and Terrorist Financing (Prevention) Act ('Wwft'). According to the Sanctions Act 1977 ('Sw') a supervised institution should adequately check whether the identity of a relationship with a (legal) person or entity to which sanctions apply is consistent.
Both activities are important activities especially as they have a high degree of complexity and the financial, legal and social stakes are high.2 Millions of transactions are thus mandatorily monitored and screened for possible money laundering, terrorist financing and violation of sanction rules. In these operations, a group of bank clients feel discriminated against.
In this article, I elaborate on the fact that "estimating risk" is inherent to banking, but also necessary for transaction monitori...
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