As globalisation continues to flourish – especially in the banking industry – it’s now possible to transfer money across different countries with ease and speed. While this has increased the opportunity for businesses to extend their reach globally, it also creates an appealing opportunity for criminals, writes Laurie Gentz.
This is a growing and difficult problem for financial organisations. The emergence of multi-billion-dollar fines for failing to meet regulatory obligations also creates a significant risk to banks. It’s now more important than ever for organisations to comply with government regulations on money laundering. The most vigilant financial institutions achieve this by implementing rigorous anti-money laundering programmes, and ensuring these are kept up to date. The alternative is to risk potentially crippling fines.
