Anti Money Laundering is one such fascinating profession of this world where you get to see real time stories on how crime pays and how it doesn’t, all at the same time.
If you are new to this, you may not be familiar with the term Anti Money Laundering, it is basically the opposite of money laundering (Series of events/actions which conceal the origin of funds/money with solely one reason, that funds or money may be proceeds of crime or intend to keep this under the radar, hidden from authorities).
Coming to the opening line of this article, the profession challenge you every day, because just like new laws and regulations are evolving so are the new trends in criminal worlds, which is as dynamic and complicated as the newer technological advances in how we are running our economies.
Money laundering has been at the forefront as a critical issue and pose a significant threat to the financial stability of the world’s economy as well as to the survival of mankind for potential fallouts when this activity goes unchecked and unchallenged. Financial institutions and governments alike, are always looking for new ways to fight money launderers, and a lot of efforts are being put into designing and formulating anti-money laundering policies for getting them a fighting chance to curb the menace.
Financial Action Task Force since it was created has always been responsible for the creation of bedrock of anti-money laundering laws around the world, and it and laid down many adoptable principal for countries to create a more localized task force within the countries or a region to address the problem at source or at medium.
Investment Banking, considering offers a very diverse range of money raising venues for corporates may be looked upon as a promising option to help disguise the origin of funds because of the complexities in the products or services being offered within the domain.
It is as important to know about the structure of CIS for example, and its investment manager as knowing about its viability and potential to generate profit because it has so much at stake than just profit and loss. Who would want to cook their food on somebody’s’ else burning house. Yes, Illicit money means, it has had some or the other ill effect on our society or will have in future for example a potential terrorist attack.
Financial Institutions are at a unique place to be able to intercept the flow of information and process that to track effectively the origin of money to ascertain if it is legitimately acquired.
Because financial institutions is such an able weapon to fight the financial crime , especially money laundering for mainly one reason, there is ultimately one thing common to all the money laundering activity, is passing the fund or money through financial institutions to be able to give it some kind of legitimacy or at least try to, hence all the people working there, should be adequately trained.
An untrained employee in bank any way is dangerous to the very viability of the institution, but if not aware on their obligation to report suspicious activities may prove very costly from a regulatory and legal perspective too.
Financial Institutions do recognize the need of a trained resources, or effective training of their resources on a timely scale and there is always a competitive edge to people who are certified Anti Money Laundering specialist.
Some of the well known certifications are CAMS from ACAMS, Certificate in Anti Money Laundering from ICA etc, of course style and format of final exams different from institute to institute but basic soul of the certification remain the same i.e. how effectively you can detect, deter and defeat the attempt of money laundering.
FinTech Studies does cover, AML/KYC as part of its flagship offering of PGMOP, also offering specialized modules which will guide you to clear all the esteemed certification essential to take your Anti-Financial Crime Career to new Height.