Anti-Money Laundering Software
Anti-Money Laundering SoftwareMany government agencies are calling for stronger, more effective anti money laundering measures.
Since the development of high tech gadgets like mobile phones, computers, and satellite dishes,
everything seems easier and faster: communication, migration, and movement of goods, services, or money
– even crimes such as money laundering. Fortunately, national and international bodies are combining
their efforts to come up with effective anti money laundering program, policy, or law. And such counter
measures include the UN Global Programme against Money Laundering; Financial Action Task Force (FATF)
40 Recommendations; and national legislations.
In accordance with these anti money laundering acts, they must have and use an effective
anti-money laundering software for ‘customer profiling’; multi-dimensional analysis of
customers across products, accounts owned, instruments used, and transactions; and customer risk
assessment. Through anti money laundering software, ‘suspicious’ conduct and transactions will be
easily detected. Bank regulators will also be able to scrutinize high-risk wire (funds) transfer, and
other electronic-based transactions if they have a well-developed anti money laundering software.
With money laundering being a ‘globalized’ crime, it is thus important for financial institutions to also establish up-to-date, high tech money laundering counter measures, and anti-money laundering software will definitely prove helpful. |
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