In a compliance landscape constantly shifting and so the ability to audit the effectiveness of Anti-Financial Crime programme against internal and external requirements assumes critical importance.
Financial crime is a game involving the complex systems. It involves complex rules, monetary (money) transmission mechanism. Thus, financial crime involves monetary and non-monetary costs and operations.
The acts of fraud and acts of money laundering are inter-connected. Money laundering is a product of fraud. The resources that being spend on fraud detection and prevention within banks may well support the AML programs. Criminal are adaptive and opportunist. They always devise new methods to commit crime.
Final Words:
"The essence of risk management lies in maximizing the areas where we have some control over the outcome while minimizing the areas where we have absolutely no control over the outcome and the linkage between effect and cause is hidden from us.” Page 197 – Chapter 12, “The Measure of Our Ignorance” From “AGAINST THE GODS”