Counter-Terrorist Financing and Technology

Financial crimes and the financing of terrorism have become an important global problem. With the development of technology, criminals commit crimes with new methods. It's getting harder to fight these financial crimes. Financial crimes are big risks for companies. Companies take various measures to protect themselves from financial crimes. It is not easy to take measures against financial crimes. But companies can reduce risks by using technology.

What is Terrorist Financing?

Terrorism financing (terrorism funding) is one of the major financial crimes. Terrorists need money for terrorist activity. Terrorists use the money for training, accommodation, buy weapons. Terrorists create funding through donations, drug trafficking and smuggling. Financial institutions must prevent this funding. If they do not prevent terrorist funding, they become an accomplice in this crime. The way to prevent terrorist financing is by financial institutions getting to know their customers.

There are many local and global Counter-Terrorist Financing regulations Companies must comply with these regulations. The regulators control the companies. If a crime is detected, various penalties and sanctions are imposed on companies.

Prevention of Terrorism Financing with Technology

Technology helps companies get to know their customers. Companies have access to more data to identify customers who are at risk for them now. Companies can check their customers on thousands of lists, such as terrorist lists, PEP lists, sanction lists. In this way, they can prevent suspicious transactions and protect themselves from this crime.

Companies use compliance software to check their customers. Compliance software protects companies from potential risks and makes them compliant with regulations. Compliance software saves time for compliance departments. And it is safer than a manual check.

Sanction Scanner is a compliance software. Sanction Scanner provides AI-driven enhanced global Sanction & PEP Screening Services. With API integration, your queries are done automatically. If there is a suspicious transaction, the Sanction Scanner will give you an alarm. Sanction Scanner always keeps its lists up to date. With Sanction Scanner compliance software, you can protect your company from financial crimes.

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