Raising the Bar on Fraud Protection & Money Laundering The quality and effectiveness of an anti-money laundering compliance program depends on commitment, continuous training and executive oversight. The best time for employees to identify suspicious activities is before transactions are completed, so these industry best practices will ensure transparency and high quality protection. Impeccable Leadership More and more companies are hiring chief compliance officers (CCOs) to help oversee their financial operations. The SEC states that CCOs play a critical role in maintaining financial integrity. They generally have three primary duties.
Currency 101: Anti-Money Laundering Compliance The United Nation’s Office on Drugs and Crime (UNODC) states that anywhere between two to five percent of the global GDP is generated through money laundering. This equals approximately two trillion U.S. dollars. Money laundering is a criminal activity that involves hiding or disguising the source, nature, location or ownership of money that was illegally obtained.
Being Cautious with Risks: Anti-Bribery and Corruption Training Being cautious is a critical aspect of Anti-Bribery and Corruption compliance training, and is important for both internal and external parties. Third-party diligence and comprehensive vetting processes are some of the best ways to avoid DOJ and SEC investigations and penalties. When planning and developing training content, it may help to incorporate risk assessments that identify vulnerabilities in third-parties. Internal Assessments Researching and documenting the current state of compliance and training will help identify weak processes and knowledge gaps.
With new ways of laundering money being constantly created it’s very important that your company is constantly receiving anti-money laundering training. While there are new regulations constantly evolving to detect such actions, it’s important that you keep your organization in good shape in regards to being able to handle any money laundering risks. New compliance laws are also being implemented that have an effect on all industries. Of course some industries such as the finance and banking industries tend to be under more scrutiny and are more likely affected by compliance laws as well.
Anti-Money Laundering and the Need for Effective Compliance Training Money laundering is a very sophisticated crime and we must be equally sophisticated. - Janet Reno, while serving as Attorney General of the United States from 1993 to 2001 Although it is certainly not a new phenomenon, money laundering has become one of the most prevalent crimes of our time.