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Globalization, exponential growth in transactions and accounts, and criminal creativity all combine to challenge current money-laundering and fraud-detection efforts. Concurrently, the events of the past year have heightened awareness of the role of money laundering and fraud in helping finance terr...

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Bibliographic Details
Published in:ABA Bank Compliance 2003-03, Vol.24 (3), p.41
Main Author: KAren Van Ness
Format: Article
Language:English
Subjects:
Automation
Bank compliance
Bank fraud
Banking industry
Compliance
Customer relationship management
Financial institutions
Financial services
Fraud prevention
International finance
Money laundering
Terrorism
USA PATRIOT Act 2001-US
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Summary:Globalization, exponential growth in transactions and accounts, and criminal creativity all combine to challenge current money-laundering and fraud-detection efforts. Concurrently, the events of the past year have heightened awareness of the role of money laundering and fraud in helping finance terrorist activities. In response, governments and law enforcement agencies have called on the financial services industry to be vigilant in helping to identify potential sources of terrorist financing. In the US these efforts included passage of the USA PATRIOT Act - legislation that contains major new money-laundering provisions. What had traditionally been viewed as a compliance issue is now an issue of national and international concern. Financial institutions are recognizing that proactive anti-money laundering (AML) and fraud reduction initiatives protect more than their reputations and bottom lines - such efforts also contribute to the preservation of national security.
ISSN:0887-0187
1930-3963