In an interview with All Andorra, president Files talked about many current issues related to banking and banking regulations, money laundering, corruption scandals, and compliance. He also addressed many regulatory issues and provided his insights on the audit profession.

The following are highlights of what Mr. Files said:

So what has changed? It is harder than ever as a multinational to seek or even maintain international and domestic banking services.

The banks are just not interested enough to invest in KYC. Scandal after scandal is empirical evidence that most do a very poor job on KYC. So now if the bank does not wish to understand your business, they close your account.

After all for the under 1 million gross per year businesses, it is cheaper for the bank to close the account and appear touch in front of the regulators than it is to actually perform the required KYC due diligence.

You may read the complete interview when you click here.