subject: Anti-money Laundering Software To Discourage Money Laundering Practices [print this page] Money Laundering refers to the process of concealing the source of money obtained by illicit means. Different methods are being employed to launder money. A large number of regulatory and governmental authorities quote estimates each year for the amount of money laundered. In 1996, the International Monetary Fund estimated that two to five percent of the worldwide global economy involved laundered money. Now, this is really huge! And, thats why governments as well as financial institutions are on their toes to nab the culprits at the very first sign of transactions related to money laundering.
Most of the financial institutions have their in-built technologies and team of people who keep a hawks eye for any suspicious looking transaction or account. And, then, there are anti-money laundering technologies which are specifically designed to detect and prevent any type of financial frauds. The fraud prevention softwares easily adapt to the technologies of the financial institutions and assist the top management safeguard the interests of the stakeholders.
However, there are a good number of such fraud prevention software products available out there, and this may confuse you to choose the best one for your institution. Well, an ideal anti-money laundering software not only effectively assists in detecting and preventing money laundering practices, but also gets installed easily. So, you should invest a good amount of time in researching the market to find out the most-suitable software/system for your institution.
You should also remember that money laundering is not limited to one country or one continent; it seems all pervasive. Money launderers are using newer and better ways to conceal the source of their money so they could trick the law-enforcing authorities. So, governments have come out with more effective laws and regulations to catch the culprits, and discourage the very practice of money laundering.
If youre concerned about safeguarding the interests of your stakeholders and dont have an anti-money laundering software in place, you better empower your organisation with a powerful software. This software will help you do your work better and detect any fraudulent activity at its first appearance. Then, there are a number of steps that can be taken to add to the strength of an organisation to counter the practice of corporate frauds.
Just make sure you get the software from a trusted company so you get the most up-to-date software to successfully safeguard your organisation against any types of frauds.
