Anti Money Laundering And Risk Management Framework
Released on = August 9, 2007, 5:06 am
Press Release Author = Abdul Aziz
Industry = Software
Press Release Summary = What could be the incentives for financial institutions to adopt compliance automation technologies, in your country?
What are the best methods to auto-track evolving money laundering methods adopted by criminals, across the world?
Press Release Body = "Terrorists seldom kill for money, but they always need money to kill."
"Money laundering provides organized crime with cash flow and capital which in turn is an incentive to commit new criminal acts, thus forming a never ending spiral."
"Money laundering, especially when related to international terrorism, is not something you can defeat on your own. The best of measures will fail if they are restricted to our own backyard, even if it is a very big backyard,"
These statements have been made recently by Mr. Terry Davis, Secretary General of the Council of Europe at the joint plenary of MONEYVAL and Financial Action Task Force (FATF).
According to him, FATF's 40 Recommendations and 9 Special Recommendations on the Financing of Terrorism may not be treaty-based, but they have been endorsed by 175 national jurisdictions worldwide and therefore represent the global reference for the prevention of money laundering. Containing money laundering is akin to shooting at a moving target with new methods, techniques and vehicles for money laundering and terrorist financing being identified every day.
In view of these observations, and to facilitate financial institutions to meet regulatory compliance requirements, Divas Software has developed a comprehensive compliance software solution (FSP-KAT), whose architecture rests on FATF's 40+9 recommendations. A financial institution derives following benefits from this offering:
1. It separates the good, bad and the ugly customers under the Know Your Customer guidelines and identifies profitable customers with high life cycle values, as an added advantage.
2. It reports cash and suspicious transactions in spite of the constantly changing Money Laundering methods adopted and generates Cash & Suspicious Transaction Reports as per formats defined by Financial Intelligence Units.
3. It helps in Combating Financing of Terrorism to minimize operational and reputations risks for a financial institution.
Regards, Abdul Aziz abdul@divassoftware.com
Web Site = http://www.divassoftware.com
Contact Details = Abdul Aziz abdul@divassoftware.com Divas Offshore Software Technologies (P) Ltd. N-1/3, DLF Phase-II, Gurgaon - 122002, INDIA. Tel: +91.124.4018801 (8 Lines) Ext 112, Fax: +91.124.4018044