Saturday, February 10, 2018


BCLC’s new software was expected to “eliminate many manual processes,” and “support a detailed view of a customer’s risk profile … in order to identify circumstances which need the direct attention of BCLC investigators,” according to a February 2017 BCLC memo, obtained by Postmedia in a freedom-of-information request.
Investment in the software would result in a system, the memo says, “that automates most aspects of customer and transaction monitoring for money-laundering risks. It will allow BCLC to better risk-assess money-laundering threats and allow more sophisticated and timely responses.”
But four years after the new high-tech system was planned, the program, called Statistical Analysis Software, is barely functioning, according to Postmedia’s probe. And BCLC analysts claim they don’t have the ability to use the system and produce reports regarding large and potentially risky transactions, without manual efforts.

No comments:

Post a Comment