Figuring out which of your clients and counterparties are using you to launder money is (arguably) hard and (inarguably) expensive. The good news is that you only really have to go through the motions to avoid getting in trouble for it, although for some reason even this has proven insuperably difficult (or not cost-effective) for many supposedly sophisticated and well-capitalized institutions. So perhaps they would like to outsource this difficulty to some software run by another institution that has definitely not proven itself unwilling and/or incapable of operating and maintaining even the most critical technological systems underlying its most basic and essential functions? Nasdaq certainly hopes so.
Exchange operator Nasdaq Inc said on Thursday it would buy anti-financial crime software firm Verafin for $2.75 billion in cash, significantly expanding its reach in the regulatory technology market…. Nasdaq will aim to provide Verafin’s technology to the 250 banks, exchanges, broker-dealers and buy-side organizations, and regulatory authorities, that use its trade surveillance systems, the company said.