Don't Get Caught Unprepared: Money Laundering Controls and Regular Sanctions Screening Are No Longer Nice to Have, but Necessary

Regulation and Compliance


Germaine Lang

Oct 28, 2019

National Cybersecurity Awareness Month (NCSAM) was established 16 years ago as a collaborative effort between government and industry to bring into focus the necessity of cybersecurity prevention measures and raise awareness about the options and resources available.

In order to better understand the complexities of money laundering and sanction screening, Rich Williams, host of the Payments Podcast series, sat down with Sukh Vairea, Marketing Development Manager for Risk and Fraud, to discuss how businesses and financial institutions can identify the risks and protect against fraudulent attacks. Vairea examines high-profile organizations who have been the target of recent breaches and the tactics sophisticated fraudsters use to commit these crimes.

There is no doubt that this topic is top of mind. According to Strategic Treasurer’s Treasury Fraud & Controls 2019 Report, 74% of those surveyed reported that the fraud threat-level has increased over the past year, which is concerning considering the growing focus on fraud prevention measures and criminal prosecution.

In fact, it’s estimated that on a global basis, financial crime comes at a high cost with an estimated $3-5 trillion dollars affected annually and only 1% of that recovered (Ref: UNODC). With these kinds of numbers, it’s no wonder Williams’ states that “Regulations aimed at detecting and preventing fraud, money laundering, terrorist financing, and financial crime have more than tripled in recent years.” Organizations have no choice but to comply with these regulations or face the possibility of significant and costly penalties.

In the podcast, Why Money Laundering Checks and Sanctions Screening Really Matters, Williams and Vairea bring to light the very serious threat of financial fraudsters and how banks, the government and corporates need to work together to combat this growing problem – using tools like sanctions screening and putting the controls in place to meet compliance regulations.

To hear what they have to say and to get tips about how to protect your organization, listen to the full Why Money Laundering Checks and Sanctions Screening Really Matters podcast here.

For further insights into the payments industry and beyond, subscribe now and stay up-to-date on the latest tips, trends, and topics.


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Germaine Lang

Germaine Lang is the Managing Editor of SmartPayments with a strong creative and technical writing background across many industries. She also works to engage customers and relate their experiences with vendor products and services, positioning them as innovative thought leaders.
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