Identifying and mitigating financial systemic vulnerabilities which facilitate exploitation for illicit purposes represents a significant challenge for the financial sector. Detecting evidence of money laundering, fraud, corruption and ties to terrorist financing has never been more important. One of the true challenges in dealing with terrorist financing is the recognition of the dynamics of change and understanding that terrorist and terrorist financing methodologies will constantly change to avoid detection.
Recent events throughout the world have caused the international community to implement stringent regulatory controls and impose severe penalties for violations. The U.S. government has taken particularly aggressive regulatory steps to enforce compliance and detection of such illegal activity, enacting the following landmark legislation:
This legislation, in addition to the Bank Secrecy Act and U.S. Foreign Corrupt Practices Act (FCPA), requires companies to conduct appropriate checks of individuals and clients "prior" to entering into any new relationship, to continue to monitor status of same and to report suspicious activity. Financial firms operating in the global economy will invariably face increased scrutiny and regulation regarding their clientele, financial transactions, money laundering and terrorist financing.
Training Program
Providing training is an important element of CRI's Anti-Money Laundering and Terrorist Financing Division. CRI representatives have provided training and spoken at hundreds of forums domestically and internationally.