Consilient Survey Finds Money Laundering is a Misunderstood and Underestimated Problem Among Consumers

News provided by

Jun 07, 2023, 09:03 ET

WASHINGTON, June 7, 2023 /PRNewswire/ --

What: Consilient has released a consumer survey that finds money laundering is a misunderstood and underestimated problem. The report found that consumers really do not understand the enormous extent of money-laundering that takes place every year. But 65% of consumers would consider switching banks if theirs was fined for money laundering. Respondents predominantly hold the government accountable but believe that financial institutions, police and regulators also play an important role in stopping money-laundering.

Why: The anti-money laundering software market is projected to reach $177 billion by 2023, and money laundering funds the world's worst activities, including terrorism, illegal drugs and human smuggling.

When: Wednesday, June 7, 2023, at 9:03 am ET

Who: To learn more about the impact of money laundering on today's society, speak with Laurence Hamilton, Consilient's Chief Commercial Officer

How: To download the survey visit: https://consilient.com/money-launderinga-misunderstood-andunderestimated-problem

About Consilient

Founded through a partnership between K2 Integrity (www.k2integrity.com) and Giant Oak (www.giantoak.com), Consilient is the 21st century answer for best-in-class anti-money laundering and countering the financing of terrorism (AML/CFT) compliance solutions. 

Consilient's solution is a behavioral-based, machine learning-driven utility that enables financial institutions to federate and share insights about financial crime risks, while ensuring data privacy protection and localization restrictions. Consilient uses federated learning, which allows the utilization of data sets in different institutions, databases, and even jurisdictions to discover previously unknown but existing risks.

SOURCE Consilient