In light of the recent Panama Papers data breech, the wealth industry is yet again under scrutiny. The Mossack Fonseca controversy reveals a lack of transparency amongst wealthy individuals and highlights how private banks need to be more thorough with their due diligence processes.
Alongside fighting tax evasion and secracy on the whole, private banks also needs to examine their internal AML and KYC provisions as well as check how secure their clients’ data is internally.
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