Blockchain applications in banking

Global efforts to prevent money laundering and the financing of terrorism are incredibly expensive for financial firms to maintain. In 2014, it was estimated that global spending on Anti-Money Laundering (AML) compliance alone amounted to $10 billion.^[iv] The banks are coming under pressure from investors and analysts to reduce costs, but many expect the budgets for their compliance teams to increase in the coming years rather than decrease. SEE MORE