Anti-Money Laundering

Anti-Money Laundering

Every country should be concerned about money laundering and the financing of terrorists because that environment attracts an infectious human and corporate element that will destroy your community, your city and your country. Whether you like the regulations or not, whether you have the capability to comply or not, whether the cost is too great or not, if you don’t figure it out, if you can’t comply, if the solutions seems more menacing than the problem, you must re-consider. Not complying is dangerous to your financial fabric, including financial correspondent relations, a destabilized monetary system, a commercial slowdown and an economy in disarray.

The answer is difficult, overcoming manual processes, developing a risk program without automation, understanding and implementing a risk based program, educating staff on policies and managing policies and data without automation. However, with the tools in the RiskCALM₄^® Solution helping you to realize the opportunities, to elevate your country and the region, to re-invent your organization, to expand your footprint and change the business tempo, benefiting your organization, country and region, economically and financially, it is attainable.

Major Issues

Recognizing that each FIU is striving for the same thing every financial institution strives for, control over money laundering and terrorist financing, securing a better community, a stabilized monetary system, commercial growth and a strong economy. Therefore, working together, sharing ideas, data and risk based programs, while utilizing RiskCALM₄^®, will help solve these major issues:

Financial Institutions:

• De-risking by correspondents
• Blacklisting
• Regulatory fines
• Unhealthy external audit reports
• Loss business due to delays in account openings
• Loss revenues

Financial Intelligence Units (anti-money laundering agencies)

• Data overload
• Unusable data
• Improper report filing
• Inability to communicate with reporting entity and other FIUs, real time
• Lack of prosecution or confiscation
• FIU overloaded
• Country and Region
• Unstable financial market
• Loss of commerce
• Failing economy

Conclusion

The RiskCALM₄^® Solution can assist the financial institutions and anti-money laundering agencies of each country by managing data, facilitating communications, sharing knowledge while answering the above concerns. In the following days we will expand on RiskCALM₄‘s ability to assist the institutions, agencies and countries toward the ultimate goal of a stable monetary system, an expanding commercial environment and a vibrant economy.