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:
Saving & Loans
Money Service Business
What is Money Laundering?
Money laundering is a process by which individuals or entities hide illegal funds by disguising where they come from. In terms of financial institutions, such as banks, this is typically carried out in three distinct steps. These include:
This entire process, from start to finish, can happen quickly. There are several reasons why money launderers target large financial institutions, such as credit unions and banks.
Why Financial Institutions?
There are a few reasons why banks are susceptible to money laundering. These include:
Large cash flows will regularly go unnoticed and people can have multiple accounts with a single bank. Deposits might even take place in relatively small amounts, making abnormalities even harder to detect.
Rules and Regulations Surrounding Banks and Money Laundering
There are a few initiatives that have been introduced to try to reduce the frequency of money laundering that takes place through banks and other financial entities. Some of these include:
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:
If money laundering is taking place, there are steps the financial institution can take to protect itself.
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:
Invest in Improved Security with Truth Technologies Today
Gambling & Gaming
Speak to one of our AML experts today.