Chapter 8

Identifying Risk Exposures

AML Exposures: Assessing Financial Institution Risk

In today's multinational business climate, exposures to money laundering fraud exist despite the best anti-money-laundering (AML) measures. What do you need to do to ensure that you and your team are prepared to identify and resolve AML risks in the information age? Are you prepared to tackle global issues such as privacy, cultural idiosyncrasies, and changing legal standards that can make a clear determination of what is a legal transaction and money laundering—which depends on the countries involved?

Resolving allegations and potential AML issues in today's business climate means AML professionals face an ever-broadening range of investigative realities. Customers, employees, and business partners are more often going to be around the globe, rather than across the city or state. They will work in different time zones and cultures and speak different languages. The need to properly understand and evaluate these risks is increasing. On the legal front, financial institutions are required to map, measure, and assess specific risks related to money laundering and terror financing activities.

With the expansion of business and commercial activities around the world, financial crime has also increased. From commercial money laundering to embezzlement, from tax evasion to terror financing, there are people inside and outside of the organization who are actively looking for ways to capitalize on ...

Get Money Laundering Prevention: Deterring, Detecting, and Resolving Financial Fraud now with O’Reilly online learning.

O’Reilly members experience live online training, plus books, videos, and digital content from 200+ publishers.