How Financial Institutions Can Overcome Fraud and Money Laundering?

Bank regulators are constantly promoting the fundamentals in implementing an effective Anti-Money Laundering Program. However history has shown that banks are having difficulty in implementing a sound Anti-Money Laundering (AML) Program due to numerous reasons such as lack of resources, small oversights or lapses in controls such as KYC or enhanced due diligence processes, customer and third party risks, regulatory scrutiny, and so forth.


So how does a financial institution achieve a suitable line of defense when it comes to Fraud and Money Laundering?

Well, it all begins with the financial institution’s foundation of compliance, also known as the “Culture of Compliance.” Roles and responsibilities need to be identified and the board of directors need to take an active stance in implementing the compliance program, in turn creating a strong governance structure. Second, ensure resources are aligned effectively to manage high risk factors including customers and products. Third, incorporate technology to effectively implement your compliance program. This can include monitoring or compliance management solutions that can enhance your compliance team’s performance, speed up your processes through automation, and above all improve accuracy in reporting Key Performance Indicators or Key Risk Indicators. Finally, a sound AML Program also incorporates possible risks and processes for mitigating those risks. Risk Assessments must be conducted on an ongoing basis to identify all risks. The assessments tie into the AML Program and identifies key actions to be taken by the financial institution.

360factors provides a regulatory risk and compliance management software platform and advisory services to help regulate BSA/AML, OFAC complaints management, and other compliance needs through a simple yet effective regulatory risk and change management model and methodology.

About the company

360factors, Inc. (Austin, TX) helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures management, risks and controls, audit management and inspections, and on-line training and qualifications, in a single cloud-based platform based on artificial intelligence.

360factors EHS Services offers environmental consulting services in the areas of air, water, and waste permitting and compliance, site investigation and remediation, environmental and dredge material sampling and evaluation, engineering and geology, expert testimony, health and safety, and operational risk management. Its Managed Services incorporate outsourced risk and compliance services using Predict360.


Remain up-to-date on industry news / updates through our Twitter & Linkedin profiles.

*All images are property of their respective owners

Published by

Ed Sattar

Ed Sattar joins 360Factors as the Chief Executive Officer. For more than a decade and spanning across multiple industries, Ed has made significant professional contributions to the regulatory compliance space. His experiences include extensive research and consulting to education providers as well as state and federal regulatory agencies. During his tenure in the regulatory compliance e-learning space, he has identified key criteria and compliance standards that are currently being published and implemented, which establishes equal footing for providers of distance learning to abide by when seeking approval of e-learning programs.

Leave a Reply

Your email address will not be published. Required fields are marked *