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In Secrecy Jurisdictions, AML Departments Toil With Privacy Concerns
By Brian Orsak
printIn the global push by governments for greater financial transparency and greater privacy guarantees, compliance departments at large financial institutions toiling to meet these two competing principles often are left with one result: a headache. The conflict is most striking in so-called secrecy jurisdictions, known for their promises to protect clients' financial information. Among the largest and most well known of these jurisdictions are the Cayman Islands, British Virgin Islands, Isle of Man, Guernsey, Hong Kong, Singapore and Switzerland, some of which rank among the top financial centers in the world. The proliferation of diverse, sometimes conflicting privacy laws has...
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