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Financial fraud, terrorist financing, and money laundering: Trials and trends

Ambler T. Jackson (amblertjackson@gmail.com) is a governance, risk, and compliance consultant focused on data management, privacy, and security matters in Washington, DC.

Organizations in the financial services industry, such as banks and credit card companies, have a responsibility to protect their customers and organizations through fraud prevention, counter terrorist financing (CTF), and anti-money laundering (AML) compliance. Financial institutions are increasingly addressing risks associated with sophisticated financial fraud, terrorist financing, and money laundering due to the many digital products and automated services available to customers and new criminal opportunities for individuals and organizations. Banks are most vulnerable to crimes such as fraud and money laundering, and the solutions to their challenges, including implementing measures necessary for meeting regulatory compliance requirements, can be costly.

A holistic approach to the prevention of fraud, terrorist financing, and money laundering, complete with integration of other related functions, automation of controls, information and data sharing, and the consistent use of AML/CTF tools, will ensure greater efficiency and effectiveness of compliance programs focused on mitigating risks associated with financial crimes. This article focuses on the challenges and trends affecting financial institutions and their efforts to prevent financial fraud, terrorist financing, and money laundering.

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