Banking

Next Generation AML/CTF screening and monitoring for financial institutions

AML Bank Money Laundering Screening Solutions

Money laundering is a crime that has been present in financial institutions for hundreds of years; however, given the advances in technology, there has been a rise in its scale and prevalence. The internet and cloud computing have given people the ability to access their financial information from almost anywhere; however, this also makes banks, credit unions, and other financial organizations susceptible to criminal activity.

Money laundering allows criminals to exchange dirty money inconspicuously. While the occasional brick and mortar bank robbery still takes place, the rising amount of online activity, combined with the prevalence of cryptocurrencies (such as bitcoin), has made detecting online money laundering more difficult.

Truth Technologies is one of the leading global risk compliance platforms in the world. Truth Technologies is dedicated to guarding businesses across all industries against money laundering crimes. Learn more about how we can help you detect money laundering in financial institutions and prevent it using our novel detection tools.

We help institutions across the banking sector:

Retail Banks

Commercial Banks

Central Banks

Community Banks

Saving & Loans

Challenger Banks

Credit Unions

Investment Banks

Money Service Business

Red Flags for Money Laundering in Financial Institutions

There are a few red flags in banks that might indicate money laundering is taking place. These include:
  • There is an unexplained, large investment from a third-party that isn’t connected to any other institution
  • A large cash deposit was made that is not consistent with the socioeconomic status of the person involved
  • It is challenging to figure out who carries out what role in a business that has an account with the bank
  • The business is incredibly successful operating in high-risk countries
  • The business operates mostly through cash transactions

If money laundering is taking place, there are steps the financial institution can take to protect itself.

What is Money Laundering?
Money laundering is the process of concealing illegal funds by disguising their origins, often completed quickly through financial institutions like banks. It involves three steps: placement, where illicit funds are deposited into a legitimate institution; layering, which obscures the money's origins through complex transactions; and integration, when the now-cleaned funds are withdrawn for the criminal's use. Large financial institutions are frequent targets due to their size and the volume of transactions.
Why Financial Institutions?
Banks are prime targets for money laundering due to their routine handling of large sums of money, which can allow suspicious transactions to go unnoticed. The competitive nature of the industry compels banks to attract deposits, subsequently investing the money in various ventures. This legitimate activity, combined with the rising complexity introduced by cryptocurrencies, further complicates tracking and detecting illicit activities. Multiple accounts and frequent, smaller deposits can obscure money laundering operations, increasing the difficulty of identifying irregularities.
Rules and Regulations Surrounding Banks and Money Laundering
To combat money laundering in banks and financial institutions, several initiatives have been introduced. Banks must report large cash transactions, typically over $10,000, and any suspicious activities. Compliance with the Bank Secrecy Act and its "anti-money laundering rules" is required for firms. FINRA Rule 3310 outlines regulations that all banks must follow, with anti-money laundering programs needing approval from a senior manager. These programs should effectively detect money laundering activities, adhere to all governmental rules, and provide ongoing training for personnel. Additionally, each firm must appoint a contact person for FINRA communications. These measures aim to reduce money laundering incidents within the industry.

High-Quality AML Screening with Truth Technologies, Inc. (TTI)

Truth Technologies is one of the leaders when it comes to global anti-money laundering (AML) measures and screening technologies. Specializing in anti-fraud, AML, customer identification, and compliance, Truth Technologies is run by a team of highly trained and experienced professionals from financial and information technology backgrounds. Some of the benefits that come from working with TTI include:

  • Improved compliance with US, Canadian, and EU privacy and AML regulations
  • User-friendly interfaces which include CTR and SAR reporting, APIs, and batch screening
  • Versatile integration and maintenance with improved due diligence technology, automatic reporting, efficient updating, and batch processing
  • Operational on an international scale with global watch lists and multiple languages available

Banking

Payments

Lending

Insurance

Crypto

Investment

Gambling & Gaming

High-Risk Corporates

Invest in Improved Security with Truth Technologies Today

If you would like to learn more about how we can help you and your financial institutions stay safe from money laundering, call TTI today. We offer free tool demos so you can learn more about enhanced due diligence and AML screening. Figure out why we are one of the premier names in the industry. Our software is ideal for monitoring and reporting. Benefit from improved control over your business operations.

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