The Face of Fraud – How to Spot a Money Launderer

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June 2018

Money laundering has always been a serious concern for U.S. financial institutions. As companies become more global in their reach, it is becoming increasingly difficult for organizations to properly and efficiently monitor business dealings for signs of financial misconduct.

The ultimate goal for any company is to prevent this crime from affecting the success of their business by first detecting and then reporting valid instances of money laundering as quickly as possible.

In a recent study conducted by ACAMS in partnership with Thomson Reuters, Anti-Money Laundering (AML) professionals cited concerns about properly monitoring fraud due to increasing workloads. Companies today face a real challenge of volume – from the enormous amount of information they receive to the number of transactions that occur, the quantity of fraud, and the speed of fraudulent activity.

AML COMPLIANCE CHALLENGES FACED BY ORGANIZATIONS

Increased regulatory expectations continue to represent the greatest AML compliance challenge, cited by over 60% of respondents to the ACAMS/Dow Jones survey.

Increased regulations, a lack of properly-trained staff, and budget constraints are the greatest AML compliance challenges cited by respondents to the ACAMS/Thomson Reuters survey.
Regulators around the globe have made examples of many institutions with improper or inadequate AML processes, further showcasing the importance of a proper defense against financial crime. Over one third of the ACAMS survey respondents have experienced an AML/CDD enforcement action, showing just how prevalent regulatory pressure is.

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