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Howard Wilkinson appears unremarkable on first sight. Yet he is a remarkable man. Honest and resilient, he identified the biggest money laundering scam the world has ever known. Remarkable because the biggest banks with all their technology and professionals failed to identify it. Was that failure a complicit act or just staggering incompetence? I’ll leave you to decide.
Mr Wilkinson how stands to receive 30% of whatever money is recovered from this scam under US whistleblowing rules. As anyone reading this website will know, CYW are building an application to allow the likes of Mr Wilkinson to report anonymously to an independent organization, relying on end to end encryption to protect their identity and information.
We all know that fraudsters and criminals operate within the banks. Just like in any other major organization, banks are not immune. It appears that the big scandals are almost always uncovered by a single whistleblower. CYW aim to protect them and bring the guilty to justice. That is in everyone’s interest. Including the banks.
But the application won’t stop there. It will map intelligence across the globe to provide aggregated risk products for the banks to help them see where the intelligence is suggesting Money Laundering. No guess work. Real aggregated intelligence from people within the risk institutions themselves. Banks just have to join our programme to access intelligence product that takes small bite size pieces of information, anonymizes it and groups it collating it into one big picture. This will stop reputational damage from poor risk based decision making and a slide in shareholder value of the kind Danske bank is suffering. 25% and dropping. Watch Mr Wilkinson’s story. It beggars belief no one conducted the KYC checks he did. So simple and obvious yet not completed by Danske bank.