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Ethics of AML

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Ethics of AML

Post by User1234 » November 9th, 2017, 1:41 pm

Hi, I wanted to ask you about morality of working on a software that is used by banks to do KYC (Know Your Customer), AML (Anti Money Laundering) and in general compliance with laws and regulations in the financial markets.

From one point of view it's good because it helps to ensure financial stability (some of the laws were introduced to make sure that financial crisis like in 2008 won't happen again) and it helps to indirectly combat organised crime etc. (because money laundering is used by criminals).

On the other hand, the law doesn't have to be always right so if something is prohibited by law (but shouldn't be) it's also combated by AML. And this whole AML leads to big brother scenario where financial institutions know a lot about clients so the national agencies have a lot of data too. And if the law goes too far in surveillance, it's also bad.

In other words, I wonder whether it's good or rather a gray zone in ethics. What are your thoughts?

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Re: Ethics of AML

Post by LuckyR » January 14th, 2018, 1:56 am

Could you explain what you are talking about for the nonbankers in the crowd?
"As usual... it depends."

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