Ethics of AML
  • user1234
    1
    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. The support of this point of view can be found in Shah vs HSBC case.

    In other words, I wonder whether it's good or rather a gray zone in ethics. What are your thoughts?
    user1234 Options
  • BC
    13.2k
    Why would software which helps prevent losses from criminal behavior NOT be ethical?

    It is probably the case that ethical software (used to prevent criminal activity) will have at least less ethical applications. For instance, many companies seek to profit from knowledge gained about individuals through data mining of information produced in ordinary consumer behavior. Is that ethical or unethical? How much? Some people don't think XYZ Corp. has a right to profit from information about them, without their consent. Gathering this data, then selling it might be considered unethical, and ditto for the necessary software.
    BC Options
  • Galuchat
    809
    Which ethical system(s) apply to finance, business, and politics?
    Galuchat Options
  • Cavacava
    2.4k
    ↪user1234


    Consider the utilitarian approach. Does your work do more good than harm for all those involved from your standpoint? There is always someone else who can and will do your job if you decide against continuing. The right to privacy is an inferred, not a stated right in the US Bill of Rights.
    Cavacava Options
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