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Zoe Allen

Finance professional with extensive experience in Anti-Money Laundering (AML)



Published Date

January 23, 2024


Blog / AML Screening: Fighting the war against money laundering

12 min Read

AML Screening: Fighting the war against money laundering

Business organizations are facing multiple challenges due to the hype about financial crimes. Organizations should always stay alert because of the rising crimes in this digital world. Numerous business organizations are aware of the fact that AML Screening helps in the alleviation of financial crimes. But there are also some organizations that are constantly struggling due to money laundering crimes. Organizations should go for compliance programs that can make their anti-money laundering efforts strong. In this blog, we will discuss how business organizations are struggling due to money laundering.

Let us discuss the increase in financial crimes that are caused by a number of factors.

The constant rise in Money laundering

Money laundering crime is not only destroying the financial markets but it is impacting the global economy. Many states are introducing national and international strategies to combat crime, but financial crimes keep on increasing. The increase in financial crime is also impacting the rise in other illicit activities. Money laundering is actually the later phase of financial crimes, corruption is the first stage. Corruption steps into the organization and takes the phase of money laundering crime in no time. Sometimes, money laundering cannot be alleviated because of the government of the state. Governments should take major steps to combat financial crimes as they are impacting the global economy. A research study was conducted to explore anti-money laundering and anti-terrorism financing. The results of the study stated that there are deficiencies in the government bodies and the policies and preventive measures are less effective.

Organizations are facing severe challenges in the business environment due to money laundering.

Another research study was conducted to explore the world of money laundering in the state of Tanzania. The results of the study stated that there are many laws and policies introduced by the government of Tanzania but still, there is no effectiveness in combatting financial crimes and the loopholes are present in the acts and laws of Anti-money laundering.

Financial crimes affect the economic factors of the state and this is how all the factors in the countries get affected. A research study was conducted to explore the role of corruption and money laundering in the banking sectors of Pakistan and Malaysia. The results of the study stated that money laundering and corruption have a diverse and mixed effect on the banking stability of Pakistan and Malaysia.

To combat money laundering, it is important for organizations to first start a fight against corruption. When corruption comes to an end we will be able to diminish money laundering from the roots.

Essentials of AML Screening

The constant struggle of organizations could come to an end with the help of great AML services. There are a large number of benefits that are provided by AML screening. There is an important role of the government in implementing the AML policies in the country. A research study was conducted to explore the effects of public governance and national culture on money laundering.  The results of the study stated that states can reduce money laundering practices with the help of attentive public governance.

There are a large number of perks that organizations can enjoy with the help of AML services.

Protection of honor and integrity: To protect the honor and reputation of organizations, it is crucial for them to go for ongoing AML screening as it will regularly alleviate the reputational risks. Organizations never know which aspect of the business could affect their performance. That is the reason why AML solutions cover all business aspects in the monitoring session. The honor and reputation of organizations are always at target because of the advancement of digital technologies. The advancement in digital technology has also sparked an increase in financial transactions. The offenders find it easy to get indulge in financial crimes with the help of digital technologies. Advanced technology not only provides criminals with new ways but it also provides the organization with new and advanced techniques to protect themselves.

Maintenance of transparency: Organizations should seek compliance programs to maintain transparency and honesty in the organization. Increasing AML efforts in business operations can protect organizations against all risks and threats. Global efforts are also being implemented to fight financial crime. A research study was conducted to examine the effectiveness of global efforts in fighting money laundering crime. The results of the study stated that there should be an effective implementation of all the acts and laws of Anti-money laundering. There should be a strong framework to fight financial crime. The governments should implement strong and reliable efforts to fight against all illicit financial activities. Additionally, the results highlighted that in order to alleviate the bribe culture and corruption, states should take effective measures to combat the money laundering crime.

Maintaining compliance:  Organizations need to adopt compliance program strategies to maintain compliance in business operations. Nowadays, most of businesses do not succeed because of the rise in money laundering activities. When organizations function their business operations according to the global AML rules and regulations, they gain the confidence to enhance their business elements and take their business to new heights. Organizations need to have strong control over their financial operations and should always implement monitoring systems in their financial operations.

Keeps an eye on financial operations: The Anti-money laundering system also enhances the functioning of the financial departments of the organization. The financial department of the organization plays an important role in the business operations and also an important factor in the increase of financial crime as most of the crimes are conducted in the financial departments of organizations.

Mitigating risks and threats: all business operations in the organization contain a large number of risks and threats that are not visible in the eyes of the organization and can only be seen with the help of compliance programs. Organizations should start seeking AML services that also provide the deep scanning of new entities and individuals and also provide the identity verification process. The identity verification process of the customers should be given a top priority in all organizations.

Alleviate financial crime: A research study was conducted to explore the perspective of corruption and money laundering in criminology. The results of the study stated that there are some people who are working in well-known positions and are responsible for carrying out illicit financial activities. The well-known positions could be the people working as government officials or managers in the organizations. Additionally, the research stated that development also plays a role in financial crimes and bribes are also a factor in the rise of money laundering.

Robust AML frameworks: The AML screening also provides robust AML frameworks for the protection of organizations. AML programs also provide an extra layer of protection to the organization so that the business operations can work in the proper way. The robust AML framework guides the organization to work in accordance with AML guidelines and follow the AML rules and regulations. A research study was conducted to explore whether the reporting of discontinued financial operations has any impact on the functioning of organizations. The results of the study show that the reporting of discontinued operations have an effect on the functioning of the organization.

Protection from legal issues: The AML services also protect the organization from legal issues such as heavy penalties. Organizations can face heavy reputational damage by indulging in legal issues. The legal issues can be alleviated if the organizations work in accordance with international business rules and regulations. Most of the business organizations face difficulties by not following the proper regulations and laws of AML. The AML screening services also keep the organizations updated with all elements of maintaining the business operations.

AML Watcher’s exceptional services

The great services of AML Watcher are the best way to combat the financial crisis. The ongoing AML monitoring helps the organizations to stay ahead of the fraudsters. AML Watcher’s exceptional AML screening services can provide organizations with robust AML check techniques that can play a powerful role in protecting the organizations from all kinds of risks and threats. The Anti-money laundering latest and advanced strategies are helping numerous organizations maintain compliance and transparency in their business operations. AML compliance programs can maintain the regular monitoring of business components if adopted regularly. With all the provided perks, AML Watcher is welcoming you to secure your business against all the threatful situations. What are you waiting for? Contact us right away.

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