Technology can increasingly help companies and people prevent terrorist financing.
It is no secret that financial crime and terrorist funding is becoming a progressively more important global issue each and every day. Individuals are constantly searching for new ways to complete these illegal transactions while simultaneously remaining under the radar and avoiding the attention of authorities, and for many years, they have succeeded. Fortunately, however, the use of technology is now making it substantially easier to catch these criminals in the act. With a little help from the latest software, you will be able to help stop the financing of terrorists while also ensuring that your company does not inadvertently get caught up in corruption.
Technological innovations have now made it possible for financial institutions to instantly access information regarding their clients. This is key to stopping the financing of terrorists, as individuals who do so oftentimes may not have an unusual looking account with their bank. The transactions that terrorist financers complete are oftentimes strategically innocuous, as they are designed to fall under the bank’s radar. Due to this, it is very difficult for banks to catch terrorist financers just by looking at a client’s account. Most of the transactions will appear to be normal, and it is very likely that nothing will seem particularly out of place.
Technology has now allowed for financial institutions to have instant access to detailed compilations of data and information about clients who pose a risk of being a terrorist financer. Now, companies have the ability to instantly scan lists of PEPS and individuals who have been flagged for corruption or the possibility of corruption. This ability is groundbreaking, and it has completely changed the playing field of financial crime.
Just by taking a few seconds to search the name of a specific client through compliance software, you can instantly know if that person needs to be closely monitored or not. You will be provided with information that you never could have gathered from your client’s account, and you will be able to prevent terrorist financers from taking advantage of you and your company.
Technology has now inarguably become the future for the ending of terrorist funding. It is a pivotal weapon that authorities depend on, and it is essential for companies to use in order to avoid the legal and financial repercussions that oftentimes accompany being involved with corruption.
Unlike many other types of compliance software, ComplyAdvantage has an API that you know you can trust. It is secure, efficient, and it will enable you to stay on top of your clients and their backgrounds.
Image from: slate.com