Counter Terrorism Financing – Stepping Up the Fight
Since after the September 11th 2001 attack on the World Trade Center in New York City, United States of America, the world’s stance on terrorism has become more resolute. Any effective fight against terrorism has to locate and stifle terrorism financing which is why this subject has become a major one across many business fora.
The European Union and indeed other world organizations understand this simple fact and has constantly formulated directives that will facilitate effective counter terrorism financing strategies. The criminals and terror groups on the other hand, are constantly trying to outsmart the system to gain access to or move funds from one point to the other without authorities flagging such transactions because once they are flagged and tracked, their terrorist activities can be stopped and perpetrators arrested.
In the Third Anti-Money Laundering Directive, the EU clearly expanded the coverage of the anti-money laundering directives to include terrorist financing. This includes among other things the declaration of cash or its equivalent of EUR 10,000.00 and above.
Monitoring financial transaction either for money laundering or terrorist financing is something that no one can do manually in this age. Aside from the fact that the criminals are getting really clever and sophisticated in their attempts at pulling one over the authorities, the sheer number of transactions that have to be monitored make it virtually impossible for any individual to effectively handle such an assignment.
The Solution
Every business that needs to be compliant with the third and fourth EU money laundering directive has to have a system in place that allows it automatically monitor transactions in real-time. It is already clear that this cannot be done efficiently manually.
What the ideal platform will do is bring automated efficiency into the system, sifting through every transaction and looking for any transaction that does not conform to a pre-configured set of rules. Once this happens, the system marks the transaction and alerts the user who then takes over for more thorough investigation.
The platform does the heavy lifting of sifting through every transaction while the user brings in the human element that completes the system, allowing for a perfect synergy between man and technology.
There are a number of software that offer services such as this. Currently among the top performing automatic surveillance and compliance platforms in Europe today is the InstantWatch AML by Trapets AB.
Now this is a platform that is very user friendly, supports the third, and fourth EU anti money laundering directive and screens against all the major international sanctions and watch lists covering OFAC and PEP lists among other things.
We can all agree that today’s regulatory demands are complex and constantly evolving, requiring that organizations constantly make adjustments to stay compliant. This platform was designed exactly for this. It is perfect for the compliance teams of financial institutions because it provides a powerful tool for transactions analysis, customer due diligence and KYC both for customer onboarding and continuous screening.
This is a tool that is highly flexible and can be configured by the user with any number of triggers and rules. This is exactly what makes it to accommodate new directives and immediately get compliant with them.
With InstantWatch AML from Trapets AB, counter terrorism financing and money laundering directives are much more easier to implement and comply with.
The European Union and indeed other world organizations understand this simple fact and has constantly formulated directives that will facilitate effective counter terrorism financing strategies. The criminals and terror groups on the other hand, are constantly trying to outsmart the system to gain access to or move funds from one point to the other without authorities flagging such transactions because once they are flagged and tracked, their terrorist activities can be stopped and perpetrators arrested.
In the Third Anti-Money Laundering Directive, the EU clearly expanded the coverage of the anti-money laundering directives to include terrorist financing. This includes among other things the declaration of cash or its equivalent of EUR 10,000.00 and above.
Monitoring financial transaction either for money laundering or terrorist financing is something that no one can do manually in this age. Aside from the fact that the criminals are getting really clever and sophisticated in their attempts at pulling one over the authorities, the sheer number of transactions that have to be monitored make it virtually impossible for any individual to effectively handle such an assignment.
The Solution
Every business that needs to be compliant with the third and fourth EU money laundering directive has to have a system in place that allows it automatically monitor transactions in real-time. It is already clear that this cannot be done efficiently manually.
What the ideal platform will do is bring automated efficiency into the system, sifting through every transaction and looking for any transaction that does not conform to a pre-configured set of rules. Once this happens, the system marks the transaction and alerts the user who then takes over for more thorough investigation.
The platform does the heavy lifting of sifting through every transaction while the user brings in the human element that completes the system, allowing for a perfect synergy between man and technology.
There are a number of software that offer services such as this. Currently among the top performing automatic surveillance and compliance platforms in Europe today is the InstantWatch AML by Trapets AB.
Now this is a platform that is very user friendly, supports the third, and fourth EU anti money laundering directive and screens against all the major international sanctions and watch lists covering OFAC and PEP lists among other things.
We can all agree that today’s regulatory demands are complex and constantly evolving, requiring that organizations constantly make adjustments to stay compliant. This platform was designed exactly for this. It is perfect for the compliance teams of financial institutions because it provides a powerful tool for transactions analysis, customer due diligence and KYC both for customer onboarding and continuous screening.
This is a tool that is highly flexible and can be configured by the user with any number of triggers and rules. This is exactly what makes it to accommodate new directives and immediately get compliant with them.
With InstantWatch AML from Trapets AB, counter terrorism financing and money laundering directives are much more easier to implement and comply with.