“AML software will change international banking forever,” said Suheim Sheikh of SDG Software, an Indian software firm hoping to tap into the big new market.
“Governments across the world will have their eyes on bank customers,” he added. “Since the software can monitor so many accounts, so many transactions, all kinds of people will be scrutinized, even those who in theory are just regular people. By default, not just money laundering but anything that violates the law, like tax evasion, will be hard to hide.”
“Any unexplained deposit will get you calls from the bank or the authorities, and you better have the correct answers,” said Cherian Varghese, chairman of Union Bank of India.
“It will study the profiles of other engineers in the same age group and build a pattern based on common traits like, say, the monthly periodicity of salary,” said Tripathi. “If another customer comes along, says he is an engineer and receives deposits every week, the software will raise what we call a red flag. He is suspect.”
(From “Your Money Under More Scrutiny” in Wired News.
“I, for one, welcome our new robot masters.” I hear saying that a lot gets you out of trouble for having a weekly paycheck.
Is this really the sort of world in which we want to live? One in which banks waste money nosing into your business, while ignoring the criminals who will take pains to hide their activity? Where using a bank is as pleasant as getting on an airplane?