Financial crimes and the financing of terrorism have become an important global problem. With the development of Technology, criminals commit crimes with new methods. Terrorist groups are already using computer technology to facilitate traditional forms of activity with the development of Technology. They can simply carry out terrorist acts using modern tools. Therefore, It's getting harder to fight these financial crimes. Financial crimes are significant 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
Fight Terrorist Financing with Technology
The conventional techniques and processes that finance companies use to combat terrorist organizations are typically called money laundering (AML). Financial institutions counter-terrorist financing in similar ways, using counter-financing (CTF) programs for terrorism. Furthermore, Technology helps companies recognize their customers. Companies can now access more data with Know your Customer regulations to identify customers who are at risk for them. Companies can check their customers in thousands of lists such as terrorist lists, KEP lists, sanctions lists. 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.