As Financial Institutions, Banks are in a unique position to contribute to the fight against financial crime. It is vital that they keep pace with new threats as they emerge. And they must have the best processes in place to protect us and our customers and to minimise the impact of financial crime on the communities we serve.
In 2006, global money laundering was estimated at over USD500 billion1. In the political arena, this criminal activity is increasingly linked to international terrorism a, hecnd, as a result, is subject to more stringent sanctions and regulations.
The Banks should go beyond the minimum legal requirements, setting standards that lead by example. Tackling financial crime is an area where they have a significant influence . The procedures they adopt will improve their understanding of the customers and help protect their business as well as helping them build a sustainable business for the Bank and the communities these bank operate in.
¹ Source: United Nations Office of Drugs & Crime, 2006
