16 November 2017
Solving the money laundering problem with distributed ledgers
Background:Pawel Kuskowski is CEO and Co-founder of Coinfirm, a start-up firm offering Compliance-as-a-Service for cryptocurrencies and blockchain based transactions. Pawel has been trained in Compliance and AML, having worked with some of the world’s biggest financial institutions including AIG (Compliance Officer), UBS (Director of Compliance, Compliance and Operational Risk Officer) and RBS (Head of Global Anti-Money Laundering, AML). Pawel claims that “there is around $1.6 trillion of money laundering globally and less than 2% is caught by the financial system”. Coinfirm has a solution. Using distributed ledger technology to create a shared database for transactions would limit the involvement of the banks in the ongoing transaction monitoring for AML, and avoiding sanction breaches through automated SAR reporting. This is one of several start-ups focused on this area and, to find out more, the Financial Services Club invites Pawel to share his story with us.
Pawel Kuskowski is an entrepreneur and recognised AML/CFT compliance advisor. A former head of global AML processes at major banks, Pawel is a specialist in compliance and anti-money-laundering with extensive experience conducting global projects for international financial institutions and cooperating with supervisory authorities. He is also the chairman of the Compliance Association of Poland.