Anti-Money Laundering Software

A lot of 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.

Most of these anti money laundering acts like the Bank Secrecy Act and USA PATRIOT Act of 2001 require financial institutions (i.e. central banks) to strengthen their fight against money laundering. They require bank regulators to develop a system of “Know Your Customer”.

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.