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Can biometric technology prevent money laundering and terrorist financing?
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It’s a very great article articulating the use of Biometrics to open and maintain accounts. These cannot be ported to ATM’s and banks across the globe. Use of debit cards, credit cards, travel cards with stored values are increasingly making the task of maintaining sanctity in the Financial crime area. These items are easily carried, exchanged and third parties can deposit funds into the account which can then be utilised throughout the world and even in geographies where AML regimes are quite strong. So, using the same biometric systems in card production will help alleviate this problem. Do we have that technology yet?
Sundaram