What is Financial Crime?

Financial Crimes are criminal activities carried out by individuals or criminal organizations in order to provide economic benefits through illegal methods. Financial crimes cause harm to people and organizations. Financial crime has become a very important issue in recent years all over the world. Authorities are constantly developing new tactics to combat financial crimes. With the development of technology, criminals develop new tactics. The most common financial crimes faced today are terrorist financing and money laundering.


Terrorist Organizations need financial support to achieve their goals. The terrorist organization raises funds through criminal activity, self-financing and legitimate resources.


Money laundering is the process of converting the gain derived from the crime to a legal earnings. Cartels and mobs are the most common money launderers. The authorities impose punishments on persons or institutions that launder money. In addition, those who help financial crimes are punished.


Main Types Of Financial Crime

• money laundering

• terrorist financing

• fraud

• electronic crime

• bribery and corruption

• market abuse and insider dealing

• information security

Fighting Financial Crime

There are many national and global organizations to combat financial crimes. These organizations publish regulations that companies must comply with. Organizations impose penalties on organizations that do not comply with regulations. Financial institutions must comply with compliance regulations such as Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements. With the development of technology, methods of combating financial crimes are developing. Artificial intelligence reduces the compliance costs of organizations. Artificial intelligence allows comprehensive data from multiple sources to be processed and recorded sequentially. Thus, companies can keep their data up-to-date automatically without manual operation.


Sanction Scanner helps you protect your businesses against financial crimes with more than a thousand sanctions lists. With Sanction Scanner, your business can comply regulations with low costs. We always keep our lists up to date. We process updated lists in every fifteen minutes. Getting compliant is one click away. Contact with us. 

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