Anti Money Laundering And Risk Management Framework

Terrorists seldom kill for money, but they always need moneyto kill.

Money laundering provides organized crime with cash flow and capital which in turnis an incentive to commit new criminal acts, thus forming a never ending spiral.

Money laundering, especially when related to international terrorism, is notsomething you can defeat on your own. The best of measures will fail if they arerestricted to our own backyard, even if it is a very big backyard,

These statements have been made recently by Mr. Terry Davis, Secretary General ofthe Council of Europe at the joint plenary of MONEYVAL and Financial Action TaskForce (FATF).

According to him, FATF s 40 Recommendations and 9 Special Recommendations on theFinancing of Terrorism may not be treaty-based, but they have been endorsed by 175national jurisdictions worldwide and therefore represent the global reference forthe prevention of money laundering. Containing money laundering is akin to shootingat a moving target with new methods, techniques and vehicles for money launderingand terrorist financing being identified every day.

In view of these observations, and to facilitate financial institutions to meetregulatory compliance requirements, Divas Software has developed a comprehensivecompliance software solution (FSP-KAT), whose architecture rests on FATF s 40+9recommendations. A financial institution derives following benefits from thisoffering:

1. It separates the good, bad and the ugly customers under the Know YourCustomer 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 constantlychanging Money Laundering methods adopted and generates Cash & SuspiciousTransaction Reports as per formats defined by Financial Intelligence Units.

3. It helps in Combating Financing of Terrorism to minimize operational andreputations risks for a financial institution.

Regards,Abdul Azizabdul@divassoftware.com

Source: Express-Press-Release.com

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