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
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.