Even in today's technology-rich business climate, money laundering is still a major concern among financial businesses on all levels.
A recent poll conducted by NICE Actimize showed that only 48% of more than 400 financial professionals polled felt their financial institutions have a strong culture of compliance.
According to the Wall Street Journal, NICE Actimize is "the largest and broadest provider of financial crime, risk and compliance solutions for regional and global financial institutions, as well as government regulators." This kind of credibility makes their recent poll all the more alarming.
"Increasingly, regulators are looking for accountability at both institutional and compliance officer levels," said Joe Friscia, President of NICE Actimize, via the Wall Street Journal. He went on to outline how the policing of anti-money laundering (AML) regulations will function.
"The current enforcement environment is demanding more of AML risk management efforts pushing compliance higher on the business agenda," he said. "Integrating processes such as customer risk assessment and sanctions screening efforts with transaction monitoring delivers a broader view of AML risk to a firm and enables greater ability to action against it. We believe that an enterprise-wide approach to integrating AML functions is key to establishing a thriving culture of compliance."
This is all great in theory, but there is still one element that is missing from the equation: a system that will allow businesses and regulators to operate on a singular platform. Given that all businesses are run and operated via computers in this day and age, the obvious solution would be a comprehensive, trustworthy financial software.
One company that appears to offer the most effective service for reducing the likelihood of money laundering and maximizing rates of compliance is Clear View Systems, via their CurrencyXchanger software.
CurrencyXchanger is a currency exchange software that incorporates background checks, real time exchange rates, compliant record keeping and all levels of federal and international compliance laws. The product is scalable for any size business and allows the user to maintain full compliance. This compliance not only allows for greater transparency, but can also stop terrorism and organized crime.
When asked how difficult it is to maintain compliance when trading currency, Tiran Behrouz, CEO of Clear View Systems, stated, "There are two main aspects that are accounted for when trading currency on our system. The first aspect is customer record keeping with integrated background checks. The second aspect is transaction monitoring and due diligence. For example if a client comes back within 24 hours and completes another transaction, the system will add each transaction and notifies users about repeat transaction and warns the user whether they need to report the transaction or do further due diligence. The system will keep track of these patterns."
This last point is of extreme importance, as there have been major problems with hacking and terrorist activities in recent years. If a company's operating system or any of its financial software is vulnerable to hackers or anyone attempting to commit fraud, the company can be targeted all too easily.
These kinds of highly destructive cyber-attacks can ruin even insured businesses. The money lost, even if it is paid back in full, can compromise a company's good will among its clients. If the trust of clients is lost, so too is a company's chance to succeed.
On all of these fronts, it seems that software like CurrencyXchanger is the next frontier for companies that are committed to financial compliance, as well as maximizing security efforts.