A money-laundering specialist is a financial industry professional who focuses on preventing and detecting money laundering activity. Many of these specialists belong to professional organizations and carry credentials to increase their employability. Others can get their job training and rely on experience when applying for a job. Banks regularly use anti-money laundering specialists, as do law enforcement agencies and agencies charged with implementing government policy.
This work requires knowledge of the laws of a specific country related to money laundering. Anti-money laundering specialists are familiar with all the law details, including the responsibilities of individual financial institutions. In banks, these people train other personnel, help establish compliance policies, and cooperate with the police when investigations arise. Their work includes everything from reporting on the client’s activity suspected of helping bank branches to train their staff to know how to submit reports by the law.
The anti-money laundering specialist is also often trained to search for money laundering signs and take appropriate measures. Even if the activities do not need to be reported to the government, they can be tracked internally so the bank can monitor clients of concern. Reports from government agencies can be prepared with a collection of information about clients. The anti-money laundering specialist helps define, establish, and reform the bank’s policy to deal with the financial industry, changes in the law, and the community.
In law enforcement agencies, anti-money laundering specialists review reports submitted by banks, insisting those interested in further evaluation. They can also help banks with legal compliance and provide assistance and training to help banks identify money laundering and take action. This work may also include the education of untrained law enforcement officers who wish to work in a working group on financial crimes. In other government agencies, these professionals create sound, comprehensive policies to combat money laundering.
A problem with financial crimes is that people tend to be highly adaptable when adjusting their behaviors and habits, to reduce the risk of being caught. As the law changes, people change tactics, making it difficult to track their activities. Specialists against money laundering have to think like their goals to accurately and quickly identify interest’s financial activities. The anti-money laundering specialist also needs to be alert to bribery and corruption within a bank or government agency. People are paid to look the other way when financial crimes occur.
- Some professionals focus on the prevention and detection of practices that represent money laundering.
- A money-laundering specialist should be alert to issues such as bribery and corruption.
Anti-money laundering compliance tools
Technology is an integral part of the anti-money laundering compliance framework. Companies can mitigate financial crime risks well by using such tech-savvy tools. There are multiple propriety AML automated tools and tricks available that are so much helpful.
These tools are a combination of financial services, risk, information, technology, and regulatory subject matter experts. They have lots of iterations and advantages due to the cumulative information of anti-money laundering experts. With these gadgets, clients can cope all of their complex AML compliance challenges.
Those anti-money laundering compliance tools are:
- Computer-assisted tool for subject and investigation – There is web integration in it. It facilitates AML compliance, trade surveillance, operational risks, management of the anti-fraud case, and AML transaction tracking.
- Entity matching or name matching tool – They are scoring tools with sophisticated matching and techniques. With it, you can improve the searching system of transaction and account details, including business lines. In this way, there will be a single client view that advances your name or entity screening, such as OFAC, PEP, etc. It also involves matching methods such as ad-hoc searches, NSL, subpoenas, etc.
- Due diligence tool for the customer – Website is its foundation. It works as a risk rating and a single data entry point. It is highly useful for all customers and accounts details supporting Know Your Customer (KYC). The captured account data and additional clients include directors/officers of financial institutions, co-signers, ultimate beneficiaries, power of attorney, and the other associated parties.
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