The cost of money laundering equates to approximately 2.7 percent of the annual global GDP and preventing it has become an increasingly essential expense for financial institutions.
Financial institutions around the globe continue to face scores of risks related to money laundering, terrorism financing, human trafficking, drug trade and other financial crimes whereby funds are illicitly filtered through the banking system.
Organizations today face a number of challenges and risks which has long been accepted as part of their natural course of business. Fraud detection/prevention is one of those challenges as organizations are continuously battling fraudsters and rogue employees who target their assets, proprietary information, and profits.
From bootleggers hiding profits of their alcohol sales during Prohibition to terrorist organizations using trade-based money laundering techniques today, criminals survive and succeed by constantly varying their techniques to evade detection.
Last year, 45 new FCPA-related investigations were publicly disclosed for the first time, making 2017 the most active year in history for new disclosures of FCPA-related investigations.
Human trafficking is devastating for victims, but typically low-risk for the criminals, whose activities are largely hidden from view. To disrupt human trafficking, law enforcement is partnering with NGOs, financial institutions and forward-thinking technology providers…