Results for tag: "Money Laundering"

Money laundering is the process of disguising the source of illegally obtained money by passing it through a complex series of financial transactions. It is a major concern for banks, as it can be used to finance criminal activities such as terrorism, drug trafficking, and tax evasion. Banks are required to implement anti-money laundering (AML) measures to detect and prevent suspicious transactions. AML measures include customer due diligence, transaction monitoring, and suspicious activity reporting. Banks must also ensure that their employees are trained in AML compliance and that their systems are up to date with the latest regulations. Banks must also ensure that their customers are aware of their AML obligations. Companies in the money laundering market include Accuity, Fiserv, NICE Actimize, FICO, and SAS. These companies provide a range of services, such as AML software, consulting, and training. They help banks to comply with AML regulations and to detect and prevent suspicious transactions. Show Less Read more