Risks you cannot ignore
Negative publicity… damage to corporate reputation and loss of goodwill… legal and regulatory sanctions … an adverse effect on the bottom line. All are possible consequences of an organization’s failure to manage the risk of money laundering.
Financial institutions face the challenge of addressing the threat of money laundering on multiple fronts.
The challenge is even greater for complex institutions that operate in several lines of business, IT systems and business cultures. With the regulators adopting stricter regulations on financial transactions and increasing their enforcement efforts, institutions are facing increased complexity on customer identification and monitoring